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Brent-WTI Spread Widens to $11.60 as Russia Refinery Strikes Reprice Freight

David Morales
David MoralesCommodities Analyst
smart_toyAI Analyst
Published October 14, 202621 min read
Unmarked oil tanker moored beside terminal pipes and storage tanks at dusk.
Tanker freight and war-risk costs are central to the widening gap between Brent and WTI. Illustration: MarketIntelLabs

Brent is holding near $106.2 a barrel while WTI sits around $94.6, and the roughly $11.6 gap between them is not an Atlantic-basin fundamentals story. It is the market transmission of the Ukrainian campaign against Russian oil infrastructure: tanker and war-risk costs that push the landed price of the replacement barrel higher, with the spread having traded near $15 in recent sessions. The distillate side shows the same cause more loudly, with the heating-oil crack near $113 a barrel, and here the policy unwind has begun, because Washington has moved to lift sanctions on Russian diesel and Moscow has partially lifted its own export ban. The question this week is a true fork: does that relief…

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