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Spot Brent crude oil breaks through $140 per barrel, reaching a new high since 2008
ME News report, 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 now 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 transportation, and refineries have been scrambling to secure whatever oil they can get over the past several weeks. Spot Brent crude oil was slightly below $128 per barrel a day earlier, but current prices are now higher than the peak during the 2022 Russia-Ukraine crisis. Benchmark Brent crude futures prices remain below those levels, but spot Brent crude oil prices reflect crude oil trading prices over a shorter time frame. (Jin10) (Source: ODAILY)