Brent-WTI Spread Today
As of July 3, 2026: the Brent-WTI spread is $3.13 a barrel at the last settled close (July 3, 2026) — back in line with its pre-war norm. The pre-war norm was about $3.11; the wartime peak hit $16.97 on March 31 as Hormuz risk priced into seaborne Brent while landlocked WTI stayed insulated. Intraday, Brent $71.62 minus WTI $68.49 puts the live gap near $3.13.
What the spread measures
Brent and WTI are the same commodity priced in two places. Brent prices waterborne Atlantic-basin crude that can sail to whoever pays most; WTI prices barrels landlocked at Cushing, Oklahoma, that must pay their way to the coast. In calm markets the gap is a freight-and-logistics story worth a few dollars. In stressed markets it becomes a geopolitics gauge: seaborne risk (a Gulf war, a chokepoint closure, tanker insurance) hits Brent first, so the spread widens exactly when the world's sea lanes are in trouble. That is why the gap ran from ~$3.11 to $16.97 during the Strait of Hormuz closure and has come back in as the stand-down holds.
We compute the spread from settled daily closes rather than mismatched intraday quotes, which can fabricate a gap when the two contracts print at different moments. The figures on this page refresh automatically each trading day.
Brent vs WTI: common questions
What is the Brent-WTI spread today?
$3.13 at the last settled close (July 3, 2026): Brent minus WTI. That is back in line with its pre-war norm.
Why is Brent usually more expensive than WTI?
Brent prices waterborne crude that can sail to the highest bidder worldwide; WTI prices barrels landlocked at Cushing, Oklahoma, which must pay pipeline and freight costs to reach export markets. Seaborne flexibility usually earns Brent a premium of a few dollars.
Why did the spread blow out during the Hormuz crisis?
War risk in the Gulf prices into seaborne barrels first: Brent carries the freight and insurance shock while landlocked WTI is insulated. The spread peaked near $16.97 on March 31 — the market pricing the strait, not the oil.
What does a negative (inverted) spread mean?
WTI trading above Brent. It is rare and usually signals a US-specific squeeze: strong export demand or falling US inventories while global supply loosens. The spread inverted briefly this year.