Hormuz Risk Widens Brent-WTI Spread to $40 as Gulf Oil Stranded

A 60-day U.S.-Iran ceasefire in late June initially depressed oil prices, but by mid-September Brent exceeds $107/bbl and WTI nears $103/bbl, with a $40-plus gap opening between Gulf-loaded crude and non-threatened grades. The spread reflects persistent drone/missile attack risk in the Strait of Hormuz and severe disruptions to Iraq's oil industry amid the U.S.-Israel-Iran war. The gap signals sustained supply-side risk premia and potential physical market dislocation.