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The May-June WTI spread hit the widest level on record on April 2, with May WTI settling at $111.54 and June at $98.04. Spot Brent cargoes reached $141.36, the highest since the 2008 financial crisis, after Trump said he would keep bombing Iran for weeks.
Extreme physical premiums show immediate scarcity in oil, which keeps energy and transport costs elevated for feed producers and supports biofuel-linked vegetable oil prices.
cnbc.comSpencer KimballApr 2, 2026After 626 past bullish geopolitics events, Crude Oil (WTI) moved a median +2.1% over 5 sessions (62% higher; middle half -2.3% to +8.5%), and +1.6% over 20.
After 656 past bullish geopolitics events, Crude Oil (Brent) moved a median +1.9% over 5 sessions (63% higher; middle half -2.7% to +6.6%), and +0.7% over 20.
After 110 past bullish geopolitics events, Soybean Oil moved a median +1.8% over 5 sessions (65% higher; middle half -0.7% to +3.6%), and -0.4% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
