Commodities
US Oil Outpaces Global Price Gains as Tariffs Menace Supply
- WTI rises as much as $2.65 a barrel; Brent climbs just $1.67
- Narrowing spread underscores supply risk at Oklahoma hub
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The US crude benchmark outpaced gains in other oil markets after President Donald Trump announced tariffs that threaten flows from two of America’s biggest foreign suppliers.
West Texas Intermediate rose as much as $2.65 a barrel on Monday, compared with $1.67 for Brent, shrinking the gap between the two grades to the smallest since September 2023. The narrowing spread underscores the risk to supplies in the US, both from Canadian flows to the Oklahoma storage hub where American crude futures are priced, and from Mexican deliveries to the Gulf Coast.