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The divergence of global oil prices exceeded $70 after the closure of the Hormuz Strait
News author: Crypto Emergency
Three weeks after the outbreak of the conflict in the region have led to an unprecedented divergence in prices in global oil markets. The American benchmark West Texas Intermediate (WTI) stabilized around $97 per barrel, while physical cargoes of oil in Oman reached a record $167. Such a gap between domestic prices in the USA and international benchmarks has become the largest in a decade and reflects a deep structural imbalance: the relatively sheltered US market faces the rest of the world, which is experiencing a severe supply shortage.
Three weeks after the outbreak of the conflict in the region have led to an unprecedented divergence in prices in global oil markets. The American benchmark West Texas Intermediate (WTI) stabilized around $97 per barrel, while physical cargoes of oil in Oman reached a record $167. Such a gap between domestic prices in the USA and international benchmarks has become the largest in a decade and reflects a deep structural imbalance: the relatively sheltered US market faces the rest of the world, which is experiencing a severe supply shortage.
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