American Gulf Oil Prices Rise to Highest Level Since 2020 Amid Escalating War on Iran

Heavy crude oil prices produced in the American Gulf Coast have seen a significant increase due to the war on Iran, with trading of "March Sour" contracts, the main crude produced in the U.S. Gulf of Mexico, showing a difference of $11 from West Texas Intermediate crude.

This rise came as some heavy oil producers in the Middle East reduced their output, leading to increased sales of American oil and pushing prices to their highest levels since 2020, amid fears of greater disruptions in global supplies.