The Americas’ oil bonanza will outlast the Iran conflict

LONDON, Sept 1 (Reuters) – From Canada to Argentina, oil producers across the Americas have enjoyed a windfall during the Iran warby capturing market share lost by Middle Eastern exporters. The renewed focus on energy security globally could transform this emergency response into a lasting structural change.

Oil production in the Americas has become a viable alternative to the Middle East’s vast hydrocarbon resources since the outbreak of the Iran war and the closure of the Strait of Hormuz six months ago, which disrupted roughly a fifth of global oil supplies. The shift is one of the most striking changes in the global energy landscape in decades.

The Hormuz closure immediately triggered a scramble to replace lost Middle Eastern barrels, with the Americas emerging as the primary beneficiary. Crude exports from the region, stretching from Canada in the north to Argentina in the south, have risen to a record-high average of 11.7 million barrels per day (bpd) so far in 2026, up from 10.3 million bpd in 2025, and nearly double the volume a decade ago, according to Kpler data.