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Spot Brent crude oil breaks through $140 per barrel, reaching a new high since 2008
ME News, April 3 (UTC+8): spot Brent crude oil (the North Sea physical crude oil delivery benchmark) broke above $140 per barrel, the highest level since 2008. According to S&P Global, the price of Brent crude oil delivered in the North Sea reached $141.37 per barrel, the highest level since 2008. The Strait of Hormuz has been closed for more than a month, causing what the International Energy Agency calls the largest supply disruption in the history of the oil market. The strait accounts for about one-fifth of global oil transport, and refineries have been scrambling to obtain any oil they can over these past few weeks. A day earlier, the spot Brent crude oil price was slightly below $128 per barrel, but it is now above the peak during the 2022 Russia-Ukraine crisis. The benchmark Brent crude futures price remains below that level, but the spot Brent crude oil price reflects crude oil trading prices over a shorter time frame. ( Jin10) (Source: ODaily)