The WTI/Brent spread makes sense but there's a infrastructure variable missing from the elasticity model. The Saudi East-West bypass was designed for 7 million barrels a day but the Yanbu terminal can only handle roughly 3 million in practice. So even if Hormuz reopens tomorrow, the rerouted volume that's already been redirected west has a physical ceiling. That floor under WTI may be stickier than the demand elasticity alone suggests.