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The Economic Times

Markets / The Economic Times

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Iran conflict boosts U.S. Gulf oil prices to highest since 2020

Middle Eastern heavy crude production cuts, triggered by the Iran conflict and Strait of Hormuz disruptions, are sending U.S. Gulf Coast heavy grades soaring. Mars sour crude hit its highest premium to WTI since April 2020, with Asian buyers scrambling for alternatives. This surge, coupled with seasonal demand increases, is driving prices higher.

7 Mar 2026 9:18 am