Spot Brent Breaks Above $140 a Barrel, Highest Since 2008

ME News reported that on April 3 (UTC+8), spot Brent crude—the physical-delivery benchmark for North Sea crude—rose above $140 per barrel, marking its highest level since 2008. S&P Global data showed North Sea-delivered Brent at $141.37 a barrel, the strongest reading since 2008. The surge comes as the Strait of Hormuz has been closed for more than a month. The International Energy Agency has described the situation as the largest supply disruption in the history of the oil market. Roughly one-fifth of global oil shipments typically pass through the strait, and refiners have struggled for weeks to secure available barrels. Spot Brent was just under $128 a barrel a day earlier and has now moved above the highs seen during the 2022 Russia-Ukraine crisis. Brent futures remain below those levels, while spot Brent captures pricing over a much shorter trading window. (Jinshi) (Source: ODAILY)