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Analysts told Rigzone that WTI traded at a rare premium over Brent after Trump signaled the Iran conflict could last weeks and warned of intensified military action. WTI rose more than 12% to above $112 a barrel, its highest since June 2022, and record WTI backwardation was partly linked to unwinding Brent-WTI trades before a holiday.
Record backwardation and a reversed Brent-WTI spread point to tight prompt supply and volatile US crude pricing, which feeds into diesel and freight costs for feed buyers.
rigzone.comAndreas ExarheasApr 3, 2026Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
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.
