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The Iran conflict has driven up tanker rates, insurance costs and voyage times, prompting wider discounts on heavy crude grades. US Gulf Coast refiners have benefited by sourcing discounted Canadian and Venezuelan crude closer to home, while Asian refiners face higher costs to import comparable grades.
Higher shipping costs and wider crude discounts improve the relative economics of US Gulf Coast refiners versus Asian competitors. The freight disruption raises shipping costs, while the heavier crude discounts can lower feedstock costs for US refiners.
gcaptain.comReutersNov 7, 2026After 60 past neutral geopolitics events, Crude Oil (WTI) moved a median -0.9% over 5 sessions (43% higher; middle half -4.7% to +2.3%), and -1.9% over 20.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
