Hormuz Risk Opens $40-Plus Price Gap Between Crude Grades

Back in late June, after the United States and Iran agreed to cease hostilities in the Persian Gulf for 60 days, oil prices took a dive.

Two months later, Brent is trading at over $107 per barrel, and WTI is moving closer to $103, as a deep chasm opens up between the price for oil stuck in the Gulf and oil that can be moved with no threat of a drone or missile attack.