The U.S.’s planned announcement on eliminating waivers for buyers of Iranian oil is pushing up Brent crude more than West Texas Intermediate (WTI) futures. Brent, a global crude benchmark that’s more reactive than WTI to supply disruptions from members of the Organization for Petroleum Exporting Countries (OPEC), jumped as much as 3.3% on Monday. That widened the premium for Brent’s June contract to more than $8 per barrel over WTI, the biggest since mid-March.
While U.S. oil traditionally has been pricier than Brent, the combination of geopolitical pressure and more U.S. exported oil has caused WTI to trend lower than Brent.
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