United States Halts Saudi Crude Imports for First Time Since 1985

In July 2024 the United States imported zero barrels of Saudi Arabian crude oil, marking the first full month without such imports since 1985. The stoppage resulted from severe logistical disruptions in the Middle East, including the closure of the Strait of Hormuz amid heightened U.S.–Iran tensions, which blocked key shipping routes.

U.S. refineries responded by shifting to alternative supplies. Domestic light crude was redirected to plants such as Phillips 66’s New Jersey refinery, while imports of Venezuelan crude surged to about 600,000 barrels per day, six times the early‑year level. The change underscores the impact of the U.S. shale boom and growing energy independence, which has reduced reliance on Middle Eastern oil.

At the same time, Washington’s policy agenda saw the Senate postpone the final vote on the CLARITY Act, a cryptocurrency‑regulation proposal, until September, extending regulatory uncertainty for the digital‑asset industry.