Asian refiners are turning to U.S. crude oil to replace dwindling Middle Eastern supplies. Buyers from Japan and Southeast Asia are actively purchasing cargoes from the U.S. Gulf.

Asian refiners have grown increasingly reliant on US crude as oil-starved fuel makers scour the globe to replace Middle Eastern supply and stave off shortages that could ripple through the broader economy. Buyers in Japan led the charge to purchase May-loading cargoes from the US early in the month, with South Korean, Singaporean and Thai processors also among customers, said traders familiar with the matter. At least 60 million barrels of grades from the US Gulf were bought for loading next...