US Becomes World's Largest Oil Exporter; Peace Deal with Iran Nears
The US has become the world's largest oil products exporter due to the closure of the Strait of Hormuz and sanctions on Russian oil. Meanwhile, the US and Iran are close to signing a peace agreement that would provide sanctions relief in exchange for dismantling Iran's nuclear program.
According to data from cargo analytics firm Vortexa, the US exported about 10.5 million barrels of oil and fuel per day in May, making it the world's largest oil products exporter. This was driven by the closure of the Strait of Hormuz, which affected Saudi exports, and sanctions on Russian oil. In comparison, Russia exported 7 million barrels per day in May, while Saudi Arabia exported about 6 million.
In 2025, Saudi Arabia was the top exporter with 8 million barrels per day, the US exported over 6.5 million, and Russia nearly 6 million. The US has become the main crude oil importer in Europe, while Asian countries are increasingly dependent on US oil due to supply difficulties from the Middle East.
Peace Agreement with Iran
Pakistan's Prime Minister Shehbaz Sharif announced on Friday that the final text of a US-Iran peace agreement has been agreed upon. Both sides had previously given different accounts – Iran insists on its rights to enrich uranium and maintain control over the Strait of Hormuz.
A senior US official said the agreement would also include Lebanon, where Israel is attacking Hezbollah fighters. The deal would provide "significant" sanctions relief and unfreezing of Iranian assets in exchange for dismantling Iran's nuclear program and handing over nuclear materials. The official expressed 80-85% confidence in signing but noted it is not 100%.
Iran agreed to "clarify" how enriched uranium will be dismantled, and Washington believes Iran's control over the Strait of Hormuz has weakened. Iran's Foreign Minister Abbas Araghchi said the two countries have "never been closer" to an agreement. Switzerland has offered to host the signing ceremony.
