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Hormuz Risk Opens $40-Plus Price Gap Between Crude Grades

Back in late June, after the United States and Iran agreed to cease hostilities in the Persian Gulf for 60 days, oil prices took a dive. Two months later, Brent is trading at over $107 per barrel, and WTI is moving closer to $103, as a deep chasm opens up between the price for oil stuck in the Gulf and oil that can be moved with no threat of a drone or missile attack. Iraq, OPEC’s number-two producer, has suffered some of the most severe disruptions in its oil industry because of the war between the U.S. and Israel, and Iran. The country…