Oil prices surged sharply on Wednesday as ongoing conflict involving Iran continued to disrupt flows through the Persian Gulf. Brent crude climbed to about $108.40 per barrel while U.S. West Texas Intermediate traded near $98.50, according to pricing data, creating a spread of roughly $10 per barrel.
The Brent-WTI spread has widened to its highest level in months, well above its typical $2-$5 range. This divergence signals mounting stress in seaborne supply markets as global benchmark crude pulls decisively away from U.S. crude prices. The widening spread typically indicates supply disruptions affecting international oil flows more severely than domestic U.S. production.