U.S. Gulf heavy crudes soar as Middle East disruptions push buyers toward American barrels
Heavy sour and medium crude grades from the U.S. Gulf Coast moved sharply higher as conflict in Iran prompted Middle Eastern producers to cut output and diverted buyers to U.S. barrels. Mars crude traded at its largest premium to WTI since April 2020, while broader benchmarks also climbed amid constrained flows through the Strait of Hormuz.