Iran Continues to Control the Strait of Hormuz, North Sea Oil Price Hits Record High

BlockBeats News, April 10th, According to the Financial Times, European and Asian refineries are scrambling to buy oil, leading to a historic surge in North Sea crude prices. Meanwhile, Iran's continued control of the Strait of Hormuz has sparked fresh market concerns.

London Stock Exchange Group (LSEG) data shows that the spot price of Brent North Sea Forties crude, which serves as the on-the-spot delivery crude oil benchmark, approached $147 per barrel on Thursday, surpassing the high reached on the eve of the 2008 financial crisis. This price is well above around $50 for the international benchmark Brent crude June futures contract—a further sign of a shortage in the oil market.

Traders said that as prices surged past $30 per barrel, touching the threshold set by the Intercontinental Exchange (ICE), they were unable to buy next week's Brent crude oil contract for difference (CFD), which tracks the difference between spot and forward delivery prices. These contracts are widely used to hedge against rising oil price risks.