Glossary

Brent-WTI Spread

The price of Brent crude, the international benchmark based on North Sea grades, minus the price of West Texas Intermediate, the US benchmark delivered at Cushing, Oklahoma. It mostly reflects the cost of moving US crude to world markets and has usually been about $3 to $5 a barrel since 2015; it widens when risks hit seaborne supply priced off Brent, reaching $13.70 at the settle on October 22, 2026.