{"id":59913,"date":"2026-03-18T10:38:38","date_gmt":"2026-03-18T14:38:38","guid":{"rendered":"https:\/\/stockmarketwatch.com\/stock-market-news\/oil-market-divergence-us-inventories-surge-as-persian-gulf-benchmarks-hit-150\/59913\/"},"modified":"2026-03-18T10:38:38","modified_gmt":"2026-03-18T14:38:38","slug":"oil-market-divergence-us-inventories-surge-as-persian-gulf-benchmarks-hit-150","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/oil-market-divergence-us-inventories-surge-as-persian-gulf-benchmarks-hit-150\/59913\/","title":{"rendered":"Oil Market Divergence: US Inventories Surge as Persian Gulf Benchmarks Hit $150"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/oil-market-divergence-us-inventories-surge-as-persian-gulf-benchmarks-hit-150\/59913\/#Key_Takeaways\" >Key Takeaways<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/oil-market-divergence-us-inventories-surge-as-persian-gulf-benchmarks-hit-150\/59913\/#US_Inventory_Data_Defies_Expectations\" >US Inventory Data Defies Expectations<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/oil-market-divergence-us-inventories-surge-as-persian-gulf-benchmarks-hit-150\/59913\/#Middle_East_Conflict_Drives_Regional_Price_Dislocation\" >Middle East Conflict Drives Regional Price Dislocation<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/oil-market-divergence-us-inventories-surge-as-persian-gulf-benchmarks-hit-150\/59913\/#White_House_Issues_Emergency_Jones_Act_Waiver\" >White House Issues Emergency Jones Act Waiver<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/oil-market-divergence-us-inventories-surge-as-persian-gulf-benchmarks-hit-150\/59913\/#Bank_of_Canada_Navigates_%22Acute%22_Uncertainty\" >Bank of Canada Navigates &quot;Acute&quot; Uncertainty<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"#\" data-href=\"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/oil-market-divergence-us-inventories-surge-as-persian-gulf-benchmarks-hit-150\/59913\/#Geopolitical_Intelligence_and_Ukraine_Strikes\" >Geopolitical Intelligence and Ukraine Strikes<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Key_Takeaways\"><\/span>Key Takeaways<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li><strong>U.S. Crude Oil Inventories surged by 6.156 million barrels<\/strong> for the week ending March 13, a massive build that defied analyst expectations of a 1.5 million barrel draw.<\/li>\n<li><strong>Persian Gulf oil prices have spiked to over $150 per barrel<\/strong> (Dubai and Oman benchmarks) as physical scarcity intensifies following strikes on Iran\u2019s <strong>South Pars<\/strong> gas field.<\/li>\n<li><strong>The White House issued a 60-day waiver of the Jones Act<\/strong> to expedite fuel and fertilizer deliveries and combat surging domestic energy prices.<\/li>\n<li><strong>The Bank of Canada held its benchmark interest rate at 2.25%<\/strong>, citing &quot;acute&quot; uncertainty and the dilemma of rising energy-driven inflation versus slowing global growth.<\/li>\n<li><strong>Ukraine successfully struck the Aviastar aircraft manufacturing plant<\/strong> in Russia\u2019s Ulyanovsk region, targeting the production of strategic military transport aircraft.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"US_Inventory_Data_Defies_Expectations\"><\/span>US Inventory Data Defies Expectations<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The U.S. Department of Energy (DoE) reported a significant <strong>6.156 million barrel build<\/strong> in crude oil inventories, far exceeding the previous week&#39;s build of 3.824 million. This inventory surge comes despite <em>intense geopolitical volatility<\/em> and suggests a temporary supply cushion in the Atlantic basin.<\/p>\n<p>While crude stocks rose, refined products saw heavy draws. <strong>Gasoline inventories fell by 5.436 million barrels<\/strong>, and <strong>distillates dropped by 2.527 million barrels<\/strong>, indicating robust domestic demand or tightening refinery outputs. Refinery utilization edged up slightly by <strong>0.60%<\/strong>, matching estimates but remaining below historical peaks.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Middle_East_Conflict_Drives_Regional_Price_Dislocation\"><\/span>Middle East Conflict Drives Regional Price Dislocation<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>A massive price spread has emerged between Atlantic benchmarks and Middle Eastern crude. While <strong>WTI<\/strong> and <strong>Brent<\/strong> hover near <strong>$108 per barrel<\/strong>, regional benchmarks like <strong>Dubai<\/strong> and <strong>Oman<\/strong> have crossed the <strong>$150<\/strong> threshold. This dislocation is driven by the <em>effective closure of the Strait of Hormuz<\/em>, which has starved Asian markets of physical supply.<\/p>\n<p>Tensions escalated further as <strong>Saudi Aramco (<a href=\"\/stock\/2222\">2222<\/a>)<\/strong> began a precautionary evacuation of its <strong>SAMREF refinery<\/strong> following Iranian warnings. Strikes on Iran\u2019s <strong>South Pars<\/strong> gas field have already halted gas flows to Iraq, prompting fears of wider retaliatory strikes on energy infrastructure across the Gulf.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"White_House_Issues_Emergency_Jones_Act_Waiver\"><\/span>White House Issues Emergency Jones Act Waiver<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>In a bid to curb soaring fuel prices, the <a href=\"https:\/\/thestockmarketwatch.com\/live\/trump-stock-market\" data-internallinksmanager029f6b8e52c=\"8\" title=\"Trump\">Trump<\/a> administration announced a <strong>60-day waiver of the Jones Act<\/strong>. This emergency measure allows foreign-flagged vessels to transport oil, gasoline, and fertilizer between U.S. ports. The administration hopes the move will <em>lower shipping costs<\/em> and ease logistical bottlenecks as the U.S. military continues operations in the Middle East.<\/p>\n<p>The waiver follows a massive release of <strong>172 million barrels<\/strong> from the Strategic Petroleum Reserve (SPR). Despite these efforts, national average gasoline prices have climbed toward <strong>$3.80 per gallon<\/strong>, putting significant pressure on the domestic economy.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Bank_of_Canada_Navigates_%22Acute%22_Uncertainty\"><\/span>Bank of Canada Navigates &quot;Acute&quot; Uncertainty<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The <strong>Bank of Canada<\/strong> maintained its overnight rate at <strong>2.25%<\/strong>, matching market expectations. Governor Tiff Macklem warned that the &quot;economic impact of the Middle East war is highly uncertain,&quot; with risks to growth tilted to the downside. The bank is currently facing a <em>stagflationary dilemma<\/em>, where rising energy costs push inflation higher while the conflict dampens global trade.<\/p>\n<p>Macklem stated the bank will &quot;look through&quot; the immediate inflationary impact of the war but warned it will not allow high energy prices to become persistent. The Canadian economy contracted <strong>0.6%<\/strong> in the fourth quarter, and early 2026 data suggests a slower-than-anticipated recovery.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Geopolitical_Intelligence_and_Ukraine_Strikes\"><\/span>Geopolitical Intelligence and Ukraine Strikes<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>In Eastern Europe, Ukraine\u2019s military confirmed a drone strike on the <strong>Aviastar<\/strong> aircraft plant in Ulyanovsk, a critical facility for Russia\u2019s <strong>Il-76<\/strong> and <strong>Il-78<\/strong> military transport fleet. The strike is part of an expanding long-range campaign targeting Russia\u2019s defense-industrial heartland, which Russian officials now admit is within &quot;direct threat&quot; zones.<\/p>\n<p>U.S. Director of National Intelligence <strong>Tulsi Gabbard<\/strong> told a Senate panel that while the Iranian regime remains intact, its capabilities are &quot;largely degraded.&quot; Gabbard noted that Iran\u2019s nuclear enrichment program was <strong>&quot;obliterated&quot;<\/strong> in previous strikes, and there has been no observed effort to rebuild that specific capability to date.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways U.S. Crude Oil Inventories surged by 6.156 million barrels for the week ending March 13, a massive build 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