The spot Brent crude oil price breaks through $140, reaching the highest level since 2008.

MaticHoleFiller · 2026-04-03T18:41:48+00:00

The world's most important spot crude oil prices broke through $140 per barrel on Thursday, reaching a new high since 2008.Data released by S&P Global shows that the North Sea crude oil spot price index, the prompt Brent, rose to $141.37 per barrel, the highest level since 2008.The International Energy Agency states that the closure of the Strait of Hormuz for over a month has caused the largest supply disruption in oil market history. This waterway carries about one-fifth of global oil transportation.The spot Brent price surged significantly above the previous day's level of around $128, and exceeded the peak during Russia's invasion of Ukraine in 2022. Although the benchmark Brent futures price remains below the levels at the outbreak of the Russia-Ukraine war, the spot Brent reflects shorter-term, more immediate delivery oil prices.

MaticHoleFiller

2026-04-03 18:41:48

The world’s most important spot crude oil benchmark broke above $140 per barrel on Thursday, hitting a new high since 2008.

Data published by S&P Global shows that the North Sea crude spot price benchmark, the spot Brent, rose to $141.37 per barrel, the highest level since 2008.

The International Energy Agency said that the closure of the Strait of Hormuz for more than a month has caused the largest-ever supply disruption in the history of the oil market. The waterway carries about one-fifth of the world’s oil transportation.

The spot Brent price surged significantly from the previous day’s level of just over $128, and is higher than the peak reached when Russia invaded Ukraine in 2022. While the benchmark Brent futures price remains below the level seen when the Russia-Ukraine war broke out, spot Brent reflects a more short-term, more immediate delivery type of crude oil price.

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