Benchmark oil prices are soaring as war in the Middle East disrupts crude flows, but the advance is also sparking the biggest discount for US crude in more than a decade as the rally spreads unevenly across the globe. West Texas Intermediate traded at a discount of more than $20 a barrel to the global Brent benchmark at one point on Thursday, the most since 2013. The nearest US futures contract is close to $97 a barrel, while some grades in the Middle East, like Oman crude, have topped $150 as the hostili ...

The Brent-WTI spread widened sharply in early trading Thursday, pushing toward an 11-year high as Middle East supply disruptions drove a deepening split between global and U.S. crude markets. Brent crude surged nearly 7% to above $114 per barrel while U.S. West Texas Intermediate edged up just 0.2% to around $96. The divergence has pushed the spread to roughly $18 per barrel, a level not seen since the mid-2010s oil market dislocations. Seaborne crude markets are experiencing intensifying stress amid es ...

Brent crude spiked more than 5% to almost $110 a barrel on Wednesday after Israel struck the world’s largest natural gas reserve in a coordinated operation with the United States. The attack marks the first time Iran’s upstream oil and gas infrastructure, as opposed to those in the gulf, has been targeted since the war began on Feb. 28.Iran shares its massive South Pars gas field with Qatar, which uses its side to supply roughly a fifth of the world’s LNG. Qatar’s foreign ministry condemned the strikes as ...

Bloomberg Middle Eastern benchmark crude oil prices have surged this week, as an Iran-war driven rule change affecting a key pricing window resulted in market dislocations that have drawn complaints from traders. At the start of the week, S&P Global Energy, or Platts as it’s better known, stopped accepting bids and offers in its daily trading window for crude varieties that need to transit the Strait of Hormuz. Most Read from Bloomberg This has meant only Oman and Murban crude, which load outside the ...