Global major crude oil spot prices surged to their highest levels since 2008.

On April 2nd, the global benchmark physical crude oil trading price broke through the $140 mark, reaching a new high since 2008. According to data released by S&P Global, the spot Brent crude oil the physical loaded crude oil traded in the North Sea region has reached $141.37 per barrel, hitting a new high since 2008. Currently, the Strait of Hormuz has been blocked for over a month. The International Energy Agency describes it as "the most severe supply disruption in the history of the oil market." The strait carries about one-fifth of global oil flow; since the blockage, global refiners have been scrambling to secure any physical crude oil they can get. The spot Brent crude oil price skyrocketed from just over $128 the previous day, now exceeding the crisis peak during the 2022 Russia-Ukraine conflict. Although the benchmark Brent crude oil futures price is still below the highs of that year, the value of spot Brent represents a more urgent price for physically delivered crude oil.