Why Brent and WTI Crude Price Movements Are Diverging Today

Oil markets traded in an unusual pattern in Tuesday’s early morning session, with Brent crude prices rising while WTI crude fell, a shift from their usual lockstep movements. Brent crude for July delivery gained 3.16% to trade at $99.18 per barrel at 9:00 am ET on Tuesday… With the comparable WTI crude contract falling 4.09% to change hands at $92.65/bbl a day after U.S. strikes in Iran clouded an expected peace deal. Brent tends to react more strongly to Middle East shipping risk because it is tied more closely to seaborne…