# U.S. crude on Thursday did something it's never done before as Iran war continues

> 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.

- Date: 2026-04-02 · published 2026-04-02T12:00:00.000Z
- Category: geopolitics · region Middle East · magnitude high
- Page: https://feedsoft.ai/events/12726-u-s-crude-on-thursday-did-something-it-s-never-done-before-as-iran-war-continues
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md)

## Why it matters

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.

## Read by commodity

- SBO: bullish ▲
- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2026-04-02 | [WTI Crude Oil Jumps 51% in a Month on Iran War Supply Shock \| Investing.com](https://feedsoft.ai/events/12731-wti-crude-oil-jumps-51-in-a-month-on-iran-war-supply-shock-investing-com.md) | -2.2% | +6.1% |
| WTI | 2026-03-08 | [Crude oil sells above $100 a barrel as Iran war impedes production \| AP News](https://feedsoft.ai/events/5230-crude-oil-sells-above-100-a-barrel-as-iran-war-impedes-production-ap-news.md) | +8.5% | +25.0% |
| WTI | 2026-01-29 | [Brent crude rallies above $71 on renewed U.S.-Iran tensions](https://feedsoft.ai/events/21237-brent-crude-rallies-above-71-on-renewed-u-s-iran-tensions.md) | +2.9% | +3.6% |
| WTI | 2026-01-29 | [Crude Prices Surge as President Trump Ramps Up Pressure on Iran](https://feedsoft.ai/events/21230-crude-prices-surge-as-president-trump-ramps-up-pressure-on-iran.md) | +2.9% | +3.6% |
| WTI | 2019-04-22 | [U.S. to end all waivers on imports of Iranian oil, crude price jumps](https://feedsoft.ai/events/9604-u-s-to-end-all-waivers-on-imports-of-iranian-oil-crude-price-jumps.md) | -1.1% | -1.9% |
| BRENT | 2026-04-02 | [WTI Crude Oil Jumps 51% in a Month on Iran War Supply Shock \| Investing.com](https://feedsoft.ai/events/12731-wti-crude-oil-jumps-51-in-a-month-on-iran-war-supply-shock-investing-com.md) | -2.8% | +8.2% |
| BRENT | 2026-03-08 | [Crude oil sells above $100 a barrel as Iran war impedes production \| AP News](https://feedsoft.ai/events/5230-crude-oil-sells-above-100-a-barrel-as-iran-war-impedes-production-ap-news.md) | +9.5% | +25.6% |
| BRENT | 2026-01-29 | [Brent crude rallies above $71 on renewed U.S.-Iran tensions](https://feedsoft.ai/events/21237-brent-crude-rallies-above-71-on-renewed-u-s-iran-tensions.md) | +0.9% | +1.6% |

## Sources

- cnbc.com: https://www.cnbc.com/2026/04/02/us-crude-on-thursday-did-something-its-never-done-before-as-iran-war-continues.html

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.