BRENT OIL - Back to NormalBRENT CRUDE OILTVC:UKOILVIAQUANTWith the Strait of Hormuz reopening headlines, it seems like Brent oil is on its way back to normal pricing dynamics. I first outlined the break of parity on April 2nd in this post: Although that bull flag did not play out as escalations eased, Brent has still regained its premium status versus WTI as conditions are expected to return to normal. Even when Brent was trading at roughly a -3.5% discount to WTI, I outlined that the premium should eventually be reestablished and that is now what has happened: Looking at the indicator now, Brent is trading at approximately a 9% premium to WTI (~$90 Brent vs ~$83 WTI). Looking at the market structure, Brent has clearly broken down from the bull flag pattern after a false breakout. However, on the lower timeframes a 4H bullish divergence is now forming (lower low in price followed by a higher low on the RSI). This should indicate Brent will see a move back to the upside, most likely toward at least the $100 level. This would line up with the expected move to the upside we could see with WTI oil as outlined in my previous post: