The recent missile strikes on Iranian oilfields have sent Brent crude prices soaring above $113 per barrel, prompting a significant shift in global oil supply dynamics. With the Strait of Hormuz, which previously accounted for 20% of global seaborne crude flows, now seen as risky, Asian refineries are increasingly turning to US Gulf Coast crude. In April, US crude exports through the Panama Canal exceeded 200,000 barrels per day, marking the highest levels since July 2022. This surge has created a notable premium for West Texas Intermediate (WTI), which is now trading at $3 to $4 more per barrel than Brent. The shift reflects a growing preference for US crude as a more stable option amid ongoing geopolitical tensions. Shipping firms are paying substantial fees for expedited access through the Panama Canal, with costs reaching up to $4 million for priority transit. Former President Donald Trump's comments about the US benefiting from high oil prices are validated by current production levels, with the US producing over 13.5 million barrels daily, accounting for approximately 16% of global output.