Asian refiners are increasing purchases of US crude as the Strait of Hormuz remains effectively closed, with at least four major buyers securing alternative supplies for delivery later this year, traders said. Shipping traffic through the strategic waterway fell below its monthly average towards the end of the week amid competing claims by the US and Iran over control of the strait. With no immediate prospect of a return to normal shipping flows, strong refining margins and tight fuel supplies are encouraging refiners to build inventories from sources outside the Gulf.
