ME News reports that on April 3 (UTC+8), spot Brent crude oil (the physical delivery benchmark for North Sea crude) surpassed $140 per barrel, reaching the highest level since 2008. According to S&P Global, the price of Brent crude delivered in the North Sea reached $141.37 per barrel, the highest since 2008. The Strait of Hormuz has now been closed for over a month, causing what the International Energy Agency has called the largest supply disruption in oil market history. The strait accounts for approximately one-fifth of global oil shipments, and refineries have been struggling to secure any available oil over the past several weeks. Spot Brent crude was slightly below $128 per barrel just one day ago and is now above the peak levels seen during the 2022 Russia-Ukraine crisis. While benchmark Brent crude futures prices remain below those levels, spot Brent crude reflects the price of oil traded over a much shorter timeframe. (Jinshi) (Source: ODAILY)
Brent Crude Surpasses $140 Per Barrel, Highest Since 2008
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Summary
Brent crude reached $141.37 per barrel on April 3, surpassing $140 and exceeding the 2008 high. According to the IEA, the closure of the Strait of Hormuz caused the worst supply disruption in history. Spot Brent was below $128 just one day earlier. The price now exceeds the peak seen during the 2022 Russia-Ukraine crisis. Traders are monitoring altcoins as energy markets test key resistance levels.
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