this post was submitted on 16 Mar 2026
65 points (98.5% liked)
World News
3238 readers
181 users here now
founded 6 years ago
MODERATORS
Please keep related news in this thread rather than making separate posts. Remember to include sources and avoid spreading rumours.
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
Given the scale of the shock, many people are understandably surprised that the price of oil hasn’t gone even higher. The oil market’s idiosyncrasies is arguably obscuring the distress.
The two main and commonly quoted crude oil price benchmarks, Brent and WTI blends. So, when people say “oil is at X or Y”, what they’re usually talking about is the per-barrel price of a futures contract for delivery of Brent crude oil in the coming month.
However, the jumps in Brent and WTI — while large and alarming — actually understate the degree of dislocation
Just to hammer home the point, here are charts of the long-term prices of the Dubai and Omani oil, which have now exploded higher than even the infamous 2008 spike. The Oman benchmark has hit a record $173.24 today.
Unfortunately, JPMorgan’s analysts therefore reckon that those wild Oman and Dubai oil prices are likely to prove a harbinger for the larger oil price benchmarks if the Strait of Hormuz isn’t reopened pronto.
https://t.me/Slavyangrad/159075