The price differential between Brent and WTI has widened sharply in the past few days, reaching levels not seen in over a decade as the Iran war has created a growing gap between international seaborne and domestic inland crude markets. As shown in the graph below, the spread spent most of the 2023–2025 period fluctuating in a relatively narrow $2–$5/bbl range before blasting higher in early 2026. As of Friday, the differential had increased to $13.96/bbl, marking the highest differential since the mid-2010s and underscoring the extent to which global supply risks have been concentrated in waterborne barrels priced off Brent.
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- Analyst Insight
The Brent-WTI Spread Collapses to June 2025 Levels
The world's two leading crude oil benchmarks, Brent and West Texas Intermediate (WTI), posted their steepest weekly declines in months during the week ended June 26 as traders continued to strip out much of the geopolitical risk premium that had supported prices throughout June. Meanwhile, the Brent-WTI spread plummeted to sub-$3/bbl levels.
- Analyst Insight
Trump Administration Considers 30-Day Waiver of Jones Act
The White House is considering a 30-day waiver of the Jones Act that would allow foreign tankers to move fuel from the Gulf Coast to the East Coast to ease U.S. gasoline prices.
- Analyst Insight
Geopolitical Risk Premium Drives Surge in Crude Prices To Above $90/bbl
The start of March brought extraordinary volatility to crude markets. Multiple global benchmarks and regional grades posted sharp gains, with several trading at or near recent highs.
