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

<a href="https://news.google.com/rss/articles/CBMirwFBVV95cUxOcnFBTklGeTRWVVVyVlJrZUw0VmQxMmQ0Y3lXa3V4S3dCd0YzQjdPU2dzUU4ycnFjeWRKWWxOLVB3NURPeWY2UjNNMVZVRG0xMnNOcDdVMjU4aEVwWDNOTFVhYjF2Sl9na3VENm96UDdpWlQ3Y25qdHNROUNJMWVPM0Y4RGhlcTRKLVY4ZDd2R296NWpfUEVzRmZmclN3TmdyazU4Nm02ZGlrbi1jMFRJ?oc=5" target="_blank">Iran conflict boosts U.S. Gulf oil prices to highest since 2020</a>&nbsp;&nbsp;<font color="#6f6f6f">Reuters</font>

U.S. Gulf Coast heavy grades surged as the Iran conflict led Middle Eastern producers to cut heavy crude output, driving buyers to U.S. barrels. Mars sour crude traded at an $11 premium to WTI, the highest since April 2020.

Oil benchmarks hit $90 a barrel, highs not seen since October 2023, amid escalating conflict involving Iran. WTI reached $89, a 9% increase from Thursday, and Brent reached $90 per barrel for the first time since March 2024.

U.S. Gulf Coast heavy grades surged as the Iran conflict led Middle Eastern producers to cut heavy crude output, driving buyers to U.S. barrels. Mars sour crude traded at an $11 premium to WTI, the highest since April 2020.

A surge in global oil prices followed the escalation of conflict in the Middle East, specifically the US-Israeli offensive against Iran. Brent crude prices jumped 9%, briefly surpassing $80 per barrel, and North American WTI crude increased by over 7%.

Following recent U.S. and Israeli military strikes on Iran, gasoline prices have surged across the U.S., including Metro Detroit, due to rising oil prices driven by geopolitical instability. The national average price of unleaded gas jumped to $3.11 per gallon, marking an overnight increase of 11 cents.

The Kiplinger Energy Outlook from March 2, 2026, highlights the impact of a new conflict involving Iran on global and U.S. energy prices. Retail gasoline prices, which had recently hit a five-year low, are climbing due to increasing crude oil prices. The national average for unleaded gas has risen to $3 per gallon and could reach $3.25 or even near $4 if the U.S.-Israeli air campaign against Iran continues.

Oil prices surged to their highest level since 2023, driven by escalating conflict involving Iran and concerns surrounding the critical Strait of Hormuz. Brent crude jumped 8.5% to $92.69 a barrel, briefly topping $94, and U.S. crude rose 12.2% to $90.90.