Public prices checked on October 5: WTI is around $89.9, and Brent is around $101.4, with a difference of about $11.5 per barrel. This is because the current price for WTI reflects the November contract, while Brent reflects the December contract, so there’s naturally some price gap. But there’s a reason for this difference. While U.S. oil (WTI) is cheaper, shipping it overseas has become very expensive. Under normal circumstances, when U.S. oil is cheaper, buyers in Europe and Asia would purchase more, increasing demand for U.S. crude and narrowing the price gap. But with high shipping costs and tight tanker availability, the savings from buying cheaper oil are partly offset by transportation costs, so the price gap hasn’t closed. Brent is also more affected by international shipping and Middle East geopolitical issues. Buyers are concerned about whether the oil can be delivered on time and whether transportation might suddenly be disrupted, so they’re willing to pay a premium. The resumption of Middle East exports puts pressure on oil prices, but shipping more doesn’t necessarily mean that freight costs and risks have returned to normal. Previously, the U.S. discussed restricting diesel exports, which also suppressed WTI prices. However, Trump stated on October 2 that no such ban would be implemented, and the G7 has also pledged not to restrict energy exports among its members. Still, prices are currently fluctuating within a very narrow range. For me personally, I’m still maintaining a strategy of shorting Brent. The resumption of Middle East exports and G7 releasing reserves provide reasons for oil prices to drop. Historically, under normal circumstances, the price gap between WTI and Brent is usually around $5. So, if you’re still looking to short oil, shorting Brent offers slightly better risk-reward potential. I’m continuing to short oil all the way. WTI is close to turning positive, but Brent still has some way to go. Shoutout to @Gate for offering more markets to trade!