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🔥WTI Premium Surpasses Brent for the First Time in Four Years, Hormuz Blockade Reshapes Oil Pricing Logic
On April 14, since the outbreak of the U.S.-Iran conflict on February 28, the global crude oil market has been undergoing a reshuffling of power dynamics. On April 2, the price of WTI near-month futures nearly exceeded Brent crude for the first time in four years, with this price inversion reflecting the reality of energy supply chain restructuring amid wartime conditions. The core logic behind the inversion lies in the re-pricing of "physical security." For a long time, Brent crude has enjoyed a premium due to its representation of global maritime trade flows, but after the actual closure of the Strait of Hormuz, Brent-related crude oil produced in the Persian Gulf, Oman, and the UAE carries a "risk discount," with tanker premiums soaring and some shipments completely halted. In contrast, WTI crude oil reaches Gulf Coast refineries directly via a mature pipeline network, giving it a "land route advantage" in this crisis of punishing maritime exposure…