North American Oil Is In Demand as World Grasps for Supplies (1)

The spiderweb of cracks in the global oil market are spreading across the Rocky Mountains and US Great Plains as demand for a shrinking pool of accessible crude escalates.

Oil grades from Texas and North Dakota to Alberta are surging as refiners compete with rivals in Asia and Europe for barrels after weeks of strangled shipments via the Strait of Hormuz.

Bakken oil traded at the Clearbrook, Minnesota, hub shot up to an $18 premium to the monthly average of West Texas Intermediate on Monday, compared with a $1.20 discount the day before the Iran war erupted on Feb. 28, ...