Live Benchmarks
Brent Crude
$101.98/bbl
WTI Crude
$90.57/bbl
Brent-WTI Spread
$11.41
Snapshot
2026-03-24
Market Desk Brief
MORNING INTELLIGENCE BRIEF — 23 MARCH 2026 CRUDE BENCHMARKS: Brent crude has reclaimed the $100 handle, trading at $101.98/bbl (+$2.04, +2.0%), while WTI firmed to $90.57/bbl (+$2.44, +2.8%). The Brent-WTI spread has blown out to approximately $11.41/bbl, a level not seen in recent memory, driven entirely by divergent Iran-related supply risk priced into the international benchmark versus landlocked US grades. This widened spread is a critical signal for physical traders positioning cargoes across the Atlantic and into Asia. GEOPOLITICAL CONTEXT: Markets are oscillating violently on the US-Iran confrontation. Earlier this week, oil plunged nearly 11% after President Trump postponed strikes against Iranian energy infrastructure for five days, triggering a brief relief rally in equities. However, optimism over de-escalation has now faded materially. Trump's backing off from targeting Iranian infrastructure initially cratered prices, but the fundamental threat to Iranian supply — roughl…
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