Oil prices rose and fell in the aftermath of the latest escalation between the United States and Iran, but one kind of oil remained more resilient than the rest: heavy crude. Heavy crude grades traditionally trade at a discount to lighter crudes, and they still are. But if, as some fear, Iraq becomes a battlefield, this may change. Asian refineries are the main drivers of heavy crude oil demand even after the new sulfur emissions rules of the International Maritime Organisation took effect at the start of this year. Many warned that IMO 2020…
