US Sour Crude Surges on Early Signs of Middle East Disruptions
An oil platform platform in the Gulf of Mexico off the coast of Louisiana.
Photographer: Luke Sharrett/BloombergA key US oil grade surged to a six-year high after a Japanese company ramped up crude purchases from the US, as supplies out of the Middle East come under increasing pressure because of the Iran conflict.
A Japanese refiner chartered a supertanker to carry medium sour Mars Blend, produced in the Gulf of Mexico, on Tuesday, after buying a similar volume of West Texas Intermediate on Monday, according to people with knowledge of the trades.