NEW YORK, Sept. 24 -- Asia's refiners have solved more of the Iran war's oil supply problem than any diplomat has. That is the market's judgment on Wednesday, as Brent crude fell to $96.84, down $4.77 from Tuesday's close, even after cargo-tracking firm Kpler reported that Asian crude imports climbed to 23.96 million barrels per day in September, the highest monthly average since the conflict began in February.

The number tells the story of seven months of improvisation under pressure. Asia's imports were running at 19.15 mb/d in April, when Strait of Hormuz traffic restrictions were at their most severe. The September reading, built on rerouted tankers, expanded Russian and West African cargoes, and refineries reconfiguring for non-Gulf...