Brent WTI Spread Peaks

The Brent-WTI spread is expected to peak at $15 per barrel this month. Brent's exposure to Middle East maritime security costs and reduced flows between the Gulf and Asia are the primary drivers of this divergence.

IEA Price Projections

The EIA has revised its Brent forecast upward to average $96 per barrel in 2026, assuming that while the conflict may not persist past April, trade flows will not return to normal until late 2026.