Iran conflict pushes U.S. Gulf oil to four year highs
U.S. Gulf heavy crude prices reached 2020 highs on Friday as the Iran conflict cut Middle East supply. Buyers are now turning to U.S. grades as alternatives.
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Prices for heavy crude grades in the United States Gulf Coast reached their highest levels since 2020 on Friday as the conflict involving Iran disrupted global supply chains. The geopolitical tension has prompted several Middle Eastern producers to reduce output, driving international buyers to aggressively seek American barrels. Mars sour crude, the flagship grade produced in the U.S. Gulf of Mexico, traded at an $11 premium to the West Texas Intermediate (WTI) benchmark, a significant jump from the $1.50 premium recorded just one week earlier.
