Saudi Arabia could reroute tankers bringing around 40 million barrels of Saudi oil to the United States if President Trump decides to ban crude oil imports or to impose tariffs, Reuters reported on Wednesday, citing sources familiar with the matter.
“Europe looks full, but surely if the Saudis offer it at really cheap levels, buyers would take it,” sources told Reuters. “Some still have storage spaces or may agree to float it for some time.”
Market reaction
The barrel of West Texas Intermediate, which rose to a daily high of $16.21 in the last hour, was last seen trading near $13.80, up 6% on the day.
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