Lates News

The global benchmark for spot crude oil prices broke through $140 per barrel on Thursday, reaching a new high since 2008. Data released by S&P Global shows that the North Sea crude oil spot price index, Brent, rose to $141.37 per barrel, the highest level since 2008. The International Energy Agency stated that the closure of the Strait of Hormuz for over a month has caused the largest supply disruption in the history of the oil market. This waterway carries about one-fifth of the global oil transportation volume. The spot Brent price surged significantly above the previous day's level of just over $128 per barrel, surpassing the peak during the 2022 Russia-Ukraine conflict. While the benchmark Brent futures price is still lower than during the Russia-Ukraine conflict, the spot Brent reflects a more short-term, immediate delivery of crude oil prices.