WTI-Brent Spread Explodes As U.S. Export Ban Priced In  RBC Capital Markets analyst Julian Triscott told clients, “Our boots on the ground in D.C. suggest the administration favors a crude export tariff over an outright ban, though a full ban remains a tail risk.” Triscott said the Trump administration is likely weighing intervention in the oil market as gasoline and diesel prices at the pump surge, with a crude export tariff seen as more likely than an outright export ban, though the analyst said a full ban is still a major risk. Triscott said the idea would be to shield U.S. consumers by making crude exports less attractive to foreign buyers, while potentially offsetting the impact with a pause or reduction in the federal fuel excise tax. Triscott pointed out that traders are already beginning to price in this next intervention, with the WTI–Brent spread widening to its highest level since about 2012. The market is largely pricing in a US oil export ban: Brent less WTI spread is the widest in decades (ex the negative WTI print). Export ban would landlock US oil, sending it sharply lower while sending Brent soaring pic.twitter.com/3YSLlVNZcx — zerohedge (@zerohedge) March 19, 2026 Triscott’s […]