Lates News

On Thursday, the spot Brent crude oil (the benchmark for physical crude oil delivery in the North Sea) broke through the high of $140 per barrel, reaching its highest level since 2008. According to S&P Global, the price of Brent crude oil delivered in the North Sea region reached $141.37 per barrel, the highest level since 2008. The closure of the Strait of Hormuz has now lasted for over a month, resulting in the largest supply disruption in the history of the oil market, as reported by the International Energy Agency. The strait accounts for about one-fifth of global oil shipping, and refineries have been struggling to obtain any oil they can in recent weeks. Just a day ago, spot Brent crude oil was slightly below $128 per barrel, but the current price is higher than the peak during the 2022 Russia-Ukraine crisis. While benchmark Brent crude oil futures prices are still below the levels at that time, spot Brent crude oil prices represent the price of crude oil traded in a shorter period of time.