Geopolitical tensions are weighing on crude markets. WTI is trading at its widest discount to Brent in over a year—driven by supply outages across Kazakhstan, Libya, and the North Sea. The price gap reflects real production challenges on the ground.

What's keeping spreads elevated? Instability in Iran remains a key wild card. Until that situation stabilizes, don't expect this discount to narrow significantly. The supply-demand imbalance tied to regional unrest will likely persist, continuing to pressure WTI relative to its international benchmark.