BRENT CRUDE OIL HIT $119/BARREL EARLIER TODAY. But here's the bigger talking point: Before the war, oil benchmarks mostly moved together. Now they are diverging sharply. The reason is simple: The Strait of Hormuz. Here's what you need to know: ⬜ Brent (white): The world's default oil price. 🟨 WTI (yellow): The US benchmark for oil. 🟩 Murban (green): Crude from Abu Dhabi that sits outside the Strait of Hormuz. 🟪 Oman (purple): Benchmark for heavier crude sold into Asia. 🟥 Dubai (red): Widely used in the Gulf. Now here is the key insight: The oil that depends more on the Strait of Hormuz is increasing the most in price. The more a crude relies on the Strait of Hormuz, the more its price is rising. Dubai and Oman which depend heavily on the Strait have seen the largest spikes. ...