As Global Oil Prices Skyrocket, US Crude Is Lagging Behind

Bloomberg.com · last updated March 18, 2026 – 5:25 PM

Benchmark oil prices are soaring as war in the Middle East roils trading flows, but the rally is uneven across the globe, sparking some of the largest gaps between US crude and the rest of the world in years.

West Texas Intermediate was trading at a discount of close to $12 a barrel to the global Brent benchmark on Wednesday, the most since early 2015. US futures settled around $96 a barrel while some grades in the Middle East top $150.

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