U.S. refiner Phillips 66 asserts that the U.S.-Iran conflict has prompted Asian crude buyers to pivot their focus from price considerations to the reliability of energy supply, giving suppliers with greater control over maritime logistics a distinct edge in the marketplace.

Mark Senn, Senior Vice President of Global Trading at Phillips 66, stated during the APPEC conference organized by S&P Global Energy that supply security has become a top concern for the Asian market, a shift from the historical emphasis on cost competitiveness. Senn noted that the company's owned fleet of vessels constitutes a "commercial advantage" when engaging with Asian clients.

Addressing the war's impact on the refining sector, Senn explained that the industry had little room for adjustment when the shock occurred. The U.S. refining industry is currently operating at "full capacity," with unplanned outages being "very rare."