The US is a net exporter of oil I think, in the post fracking era.
As a commodity, for the most part there is one global price, modulo delivery location. What happened last week is that the normal buyers don't want to transact with Russia, so they're in the unique position of having to sell a global commodity at a discount. What we may be seeing is a thinning out of suppliers on the exchange. I dont think Pussia can transact on WTI given current sanctions (did they in the past?) and intermediaries may not want the ambiguous risk of being stuck with sanctioned oil in the future.
As a commodity, for the most part there is one global price, modulo delivery location. What happened last week is that the normal buyers don't want to transact with Russia, so they're in the unique position of having to sell a global commodity at a discount. What we may be seeing is a thinning out of suppliers on the exchange. I dont think Pussia can transact on WTI given current sanctions (did they in the past?) and intermediaries may not want the ambiguous risk of being stuck with sanctioned oil in the future.