Spot Brent crude oil surpasses $140 per barrel, hitting the highest level since 2008

According to Odaily, spot Brent crude oil (the North Sea physical crude delivery benchmark) has surpassed $140 per barrel, marking the highest level since 2008. According to S&P Global, the price of Brent crude oil delivered in the North Sea has reached $141.37 per barrel, the highest since 2008.

The Strait of Hormuz has now been closed for over a month, resulting in what the International Energy Agency calls the largest supply disruption in the history of the oil market. This strait accounts for about one-fifth of global oil shipments, and refineries have spent the past few weeks scrambling to secure any oil they can obtain. Spot Brent crude oil was just below $128 per barrel a day ago, and the current price has already exceeded the peak reached during the Russia-Ukraine crisis in 2022. While benchmark Brent crude oil futures prices remain below the levels of that period, spot Brent crude oil prices reflect deals made for delivery on a much shorter timeframe. (Golden Ten Data)