Gate News: On April 2nd, the spot Brent crude oil (North Sea physical crude oil delivery benchmark) broke above $140 per barrel, reaching the highest level since 2008. According to data from S&P Global, the price of Brent crude oil delivered in the North Sea reached $141.37 per barrel. The Strait of Hormuz (a critical global oil transportation route) has been closed for over a month, causing what the International Energy Agency calls the largest supply disruption in oil market history. The strait accounts for about one-fifth of global oil transportation, and refineries have been scrambling to secure oil over the past few weeks. Just a day earlier, spot Brent crude oil was slightly below $128 per barrel, but now the price has surpassed the peak during the 2022 Russia-Ukraine crisis. While benchmark Brent crude futures remain below those levels, the spot Brent crude oil price reflects the short-term trading price of oil.