The U.S. crude benchmark outpaced gains in other oil markets after President Donald Trump announced tariffs that threaten flows from America's two biggest foreign suppliers.
West Texas Intermediate crude rose to $2.65 a barrel on Monday, compared with $1.67 for Brent, narrowing the spread between the two grades to the smallest since September 2023. The narrowing gap underscores risks to U.S. supply, both from Canadian flows into the Oklahoma storage hub where U.S. crude futures are priced, and from Mexican shipments into the Gulf Coast.
Source: Bloomberg
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