Brent-WTI Near 2-Week High on Renewed Iran Tensions


   
   SECAUCUS, NJ (DTN) -- The Brent-WTI spread rose above $6 bbl Tuesday (5/26) 
on renewed concerns over the Middle East conflict as the U.S. launched fresh 
attacks on Iranian maritime and security assets while Tehran threatened to 
target regional infrastructure, despite a ceasefire and efforts to end their 
war.

   As of 10:27 a.m. ET Tuesday (5/26), Brent was trading at $100.03 bbl while 
WTI was at $93.87 bbl, resulting in a premium of $6.16 bbl for the U.K North 
Sea crude versus the U.S. model. The last time the spread was this wide was on 
May 14 when it closed the day at $6.93 bbl in Brent's favor, DTN price data 
showed, as the market digested an IEA mid-month report that cited a global 
supply draw of 246 million bbl across March and April.

   The current widening comes after U.S. forces launched defensive overnight 
airstrikes against Iranian missile sites and mine-laying vessels near the 
Strait of Hormuz, threatening to scuttle a fragile seven-week-old ceasefire 
just as top Tehran negotiators arrived in Qatar for peace talks. Iran responded 
by threatening to target regional oil installations and energy infrastructure 
across the Persian Gulf if U.S. military operations continue to disrupt its 
security assets.

   The price divergence highlights how Brent, as the global crude benchmark, 
has re-absorbed maritime supply risks associated with the ongoing restrictions 
for energy shipments on the Strait of Hormuz. Conversely, WTI remains tied to 
domestic physical infrastructure and broader demand outlooks.
 




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