WTI oil more expensive than Brent for the first time in decade

For the first time in a decade, American WTI (West Texas Intermediate) oil is trading more expensive than the benchmark Brent oil.

This is outlined by the ExPro publication, Ukrainian News Agency reports.

ExPro reports that on April 2, WTI rose to USD 111.29 per barrel, while Brent traded at USD 107.57 per barrel, according to trading data.

The trend continued in the following days, with WTI oil trading more expensive than Brent on April 3 and 6.

As early as Wednesday, April 1, Brent oil was more expensive - USD 101.2 per barrel, and WTI oil - USD 100.1 per barrel.

This situation is atypical for the last 15 years, when Brent oil traded at a premium to WTI oil.

In Q1 2026, the spread between Brent and WTI oil prices averaged USD 5.8 per barrel, with Brent trading more expensive.

The report states that amid geopolitical tensions in the Middle East and risks to shipping through the Strait of Hormuz, through which a significant portion of global oil supplies pass, consumers in Europe and Asia are increasingly looking for alternative sources of supply, including from the United States.

This supports the rise in WTI prices, while supplies of oil pegged to Brent have come under greater pressure due to logistics and transportation risks.

Historically, WTI oil has traded more expensively than Brent, due to its higher quality and role as the main benchmark for the US market.

However, after the shale revolution in the US in the early 2010s, the situation changed.

The rapid increase in production has led to a surplus of oil domestically, and restrictions on crude oil exports that were in place until 2015 and infrastructure bottlenecks have caused WTI to trade at a discount to Brent.

Since then, Brent, as a global marine benchmark, has generally traded higher.

The current price movement indicates a temporary shift in the balance of supply and demand in favor of more accessible and secure sources of supply, which makes US oil more attractive to buyers in the current environment.

As Ukrainian News Agency earlier reported, on Friday, April 3, prices for US crude oil rose by more than 11%, while Brent rose by almost 8%, as traders are concerned about prolonged disruptions to oil supplies after President Donald Trump said that the US would continue attacks on Iran.

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