Brent becomes a crude bellwether for global oil tensions

Tensions over oil supplies in the Middle East helped push Brent crude to a sterling record of £79.19 a barrel last week

Tensions over oil supplies in the Middle East helped push Brent crude to a sterling record of £79.19 a barrel last week – a premium of as much as 20% relative to fundamentals, according to Alastair Newton, senior political analyst at Nomura in London.

It is also 17% higher than the price of the world's other major benchmark, West Texas Intermediate crude.

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