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Oil rose to a five-week high as a huge drop in U.S. crude inventories bolstered the outlook for demand. Futures in New York climbed 2.7% June 26 after the U.S. Energy Information Administration said domestic stockpiles fell by 12.8 million barrels last week.

The U.S. average retail price of diesel dropped 1.5 cents to $3.136 a gallon, the Department of Energy reported. Crude oil plunged to $53 a barrel and flirted with a bear market as the tensions surrounding international trade mounted.

U.S. oil refiners could get hit if crude is included in President Donald Trump’s threatened 5% tariff on Mexican goods, although the effect may be tempered by their growing fuel exports.

The Trump administration is committed to making fossil fuels cleaner rather than imposing “draconian” regulations on oil, gas and coal, U.S. Energy Secretary Rick Perry said May 30.

Oil rose after a government report showed shrinking U.S. gasoline supplies, suggesting more demand ahead for crude as tensions flare in the Middle East.

Oil pushed higher despite the U.S. imposition of higher tariffs on Chinese goods, as rising tensions in Iran and elsewhere kept the supply outlook tight.

Canadian National Railway Co. is open to transferring the crude-by-rail contracts that it signed with Alberta to private companies or to striking other arrangements that put its spare shipping capacity to use, CEO Jean-Jacques Ruest said.

Oil recovered from early declines after President Donald Trump threatened to escalate his trade war with China but also dispatched warships to the Middle East in a warning to Iran.

Two Texas economies are reaping the benefits from the oil boom in the Permian Basin with people “voting with their feet.”

U.S. oil refiners, in line for a windfall from new ship-fuel rules, are taking steps to lock in the change quickly, concerned it could fall victim to President Donald Trump’s re-election push.