Benchmark oil prices are soaring as war in the Middle East disrupts crude flows, but the advance is also sparking the biggest discount for US crude in more than a decade as the rally spreads unevenly across the globe.
West Texas Intermediate traded at a discount of more than $20 a barrel to the global Brent benchmark at one point on Thursday, the most since 2013. The nearest US futures contract is close to $97 a barrel, while some grades in the Middle East, like Oman crude, have topped $150 as the hostilities escalated.
That’s partly a reflection of ...
