Iran continues to control the Strait of Hormuz, North Sea crude oil prices hit a record high

Golden Ten Data reported on April 10 that European and Asian refineries are scrambling to purchase oil, causing North Sea crude prices to soar to historic highs, while Iran's ongoing control of the Strait of Hormuz has sparked new market concerns. According to data from the London Stock Exchange Group (LSEG), the spot price of Brent North Sea Forties crude oil, a benchmark for prompt delivery, approached $147 per barrel on Thursday, surpassing the peak reached on the eve of the 2008 financial crisis. This price is far above the international benchmark Brent crude June futures contract, which is around $50—a further indication of a shortage in the oil market. Traders said that because the price has exceeded the $30 per barrel threshold set by the Intercontinental Exchange (ICE), they are unable to purchase Brent crude oil contract for difference (CFD) for next week, which tracks the spread between prompt and forward delivery prices. These contracts are widely used to hedge against rising oil prices.