The Brent v. WTI spread has blasted out again on US production, Iran, etc....
It's hot money that moves this spread around (my opinion).
The fundamental story is wonderful, but the WTI has a lower sulfur content which makes it easier to refine than Brent and generally more valuable, but the market right now disagrees and that's all that matters.
Picking the tick on the futures spread is dangerous business and not for the faint of heart. If you're right and negotiations with Iran make some progress.....WTI should outperform Brent at some point before long.
That's one approach.
Alternatively, I could consider options strategies that look for the spread to narrow over the next 3 months. (more)