By Alexander Osipovich
The difference between benchmark prices for U.S. and international crude oil has swelled to the highest level in nearly four years following attacks on Middle East energy infrastructure.
The spread between West Texas Intermediate and Brent crude reached $11.06 a barrel on Wednesday, the widest gap since July 2022, based on end-of-day prices of front-month futures contracts. The spread was even wider in recent intraday trading, pushing above $17.
Brent is based on the price of seaborne cargoes, making it more sensitive to geopolitical risk than WTI, which is based on the price of crude at the landlocked storage hub of Cushing, Okla.
Concerns over potential restrictions on the export of U.S. oil have added to the gap between the two benchmarks, Goldman Sachs analysts said in a research note Wednesday.
The WTI-Brent spread also shows the relative difference in fortunes between energy consumers in the U.S. and overseas, particularly in Asia, the usual destination of most tankers transiting the now-paralyzed Strait of Hormuz.
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(END) Dow Jones Newswires
March 19, 2026 08:55 ET (12:55 GMT)
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