Brent Crude Oil Futures Surge Above $140 per Barrel, Hitting a New High Since 2008

BlockBeats News, April 3rd, the spot Brent crude oil (the physical oil delivery benchmark for the North Sea) broke through the high of $140 per barrel, reaching its highest level since 2008. According to S&P Global Platts, the price of Brent crude oil delivered in the North Sea region reached $141.37 per barrel, the highest level since 2008. The Strait of Hormuz has now been closed for over a month, causing the largest supply disruption in the history of the oil market as stated by the International Energy Agency.

The strait accounts for about a fifth of global oil transport, and refineries have been scrambling for any oil they can get in these weeks. The spot Brent crude oil was slightly below $128 per barrel just a day ago, and the current price is higher than the peak during the 2022 Russia-Ukraine crisis. While the benchmark Brent crude oil futures price is still below that level, the spot Brent crude oil price represents the price of oil traded in a shorter time frame. (FXStreet)