Hormuz Concerns Push Brent Premium Over WTI to $5.87

LONDON, July 31, 2026 - Oil prices remained steady on Friday as investors focused on the widening gap between Brent and WTI futures. Brent traded at a premium of roughly $5.87 a barrel over WTI, with initial estimates indicating an implied increase of approximately 60% in July.

The shift highlights increased value being placed on maritime supply and the safety of shipping routes. Brent remains the primary global benchmark for seaborne crude, while WTI sets pricing domestically in the U.S. The price difference is especially relevant for refiners who rely on imported shipments.

Analyst Ole Hvalbye at Skandinaviska Enskilda Banken stated, “The market has stopped trading the war and started trading the shipping data.”