Spot Brent crude oil breaks above $140 per barrel, hitting a new high since 2008

Odaily News: Spot Brent crude oil (the benchmark for physical crude oil delivery in the North Sea) has broken through the $140 per barrel mark, reaching its highest level since 2008. According to S&P Global, 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 what the International Energy Agency describes as the largest supply disruption in the history of the oil market. The strait accounts for about one-fifth of global oil shipments, and refineries have been scrambling for weeks to secure any oil they can get. Spot Brent crude oil was just below $128 per barrel a day ago, and the current price is now above the peak seen during the 2022 Russia-Ukraine crisis. While the benchmark Brent crude futures price remains below that level, the spot Brent crude price represents the trading price of crude oil over a shorter timeframe. (Jin10)