First WTI premium Brent in four years, Hormuz blockade reshapes global crude oil pricing logic BlockBeats News: On April 14th, since the outbreak of the US Iran conflict on February 28th, the global crude oil market is undergoing a profound restructuring of the power map. On April 2nd, WTI crude oil's near month contract price surpassed Brent crude oil for the first time in nearly four years, a rare price inversion reflecting the harsh reality of energy supply chain restructuring in a state of war. The core logic behind the inversion lies in the repricing of "physical security". For a long time, Brent crude oil has enjoyed a premium as a representative of global maritime trade flows, but after the actual closure of the Strait of Hormuz, Brent related crude oil produced in the Persian Gulf, Oman, and the United Arab Emirates comes with a "risk premium", causing tanker premiums to soar and some shipments to completely halt. In contrast, WTI crude oil travels directly to Gulf of Mexico refineries through a mature pipeline network, and the "land advantage" has become a core competitiveness in this crisis of punishing maritime exposure. Germini Energy founder Germini pointed out, "The market reaction is extremely fast - buyers no longer pay a premium for oil that represents the global market, but for oil that can be obtained From the perspective of market structure, the extreme form of "spot premium" has already taken shape. At present, the WTI contract price for delivery in December is about $77 per barrel, which is about $25 lower than the May contract. Investors are frantically buying spot goods to cope with the current supply interruption, while betting that the conflict may ease in the coming months. In the physical spot market, some Brent crude oil prices have exceeded $140 per barrel. Stratas Advisors President Percy warns that with the US announcing a naval blockade on Iranian ports, the premium situation is becoming more complex, and spot Brent prices may test the $160 to $190 range in the coming weeks. If prices remain high for a long time, it will trigger serious' demand disruption ', forcing consumers to significantly reduce their usage and even triggering a global economic recession. Analysts point out that this may also be the only bargaining chip that ultimately forces both the US and Iran back to the negotiating table.