Iran Conflict Sends U.S. Gulf Oil Prices Soaring to 4-Year HighBy Siddharth CavaleU.S. Gulf Coast Heavy Crude Prices Surge Amid Middle East TensionsNEW YORK, March 6 (Reuters) - U.S. Gulf Coast heavy grades continued to surge on Friday as the Iran conflict spurred several Middle Eastern producers of heavy crude to curtail production and drove buyers to scoop up U.S. barrels. Mars Sour Crude Hits Record PremiumPrices of Mars sour crude, the flagship crude produced in the U.S. Gulf of Mexico and favored by refiners globally, traded at a $11 premium to U.S. benchmark West Texas Intermediate (WTI) crude on Friday, brokers said. Heavy Grades Also RiseOther heavy grades such as the Heavy Louisiana Sweet and the West Texas Sour also rose. Global Oil Market ReactionBenchmark crude oil prices have surged since the initial attacks last week, with Brent crude settling at $92.69 a barrel, its highest level since October 2023 on Friday. Additional production cuts announced in Kuwait on Friday also helped lift Mars prices, a trader said.

Source: Washington Post March 07, 2026 01:46 UTC