Spot Brent crude oil breaks through $140 per barrel, hitting a new high since 2008

Gate News reports that on April 2, spot Brent crude oil (the North Sea physical crude delivery benchmark) broke through $140 per barrel, reaching the highest level since 2008. According to data from S&P Global, the price of Brent crude oil delivered in the North Sea reached $141.37 per barrel.

The Strait of Hormuz (a globally important oil shipping route) has been closed for more than a month, causing what the International Energy Agency describes as the largest supply disruption in the history of the oil market. The strait accounts for about one-fifth of global oil shipments, and refineries have been scrambling to secure oil in recent weeks. A day ago, spot Brent crude was still slightly below $128 per barrel; now its price exceeds the peak during the 2022 Russia-Ukraine crisis. The benchmark Brent crude futures price remains below that level, but the spot Brent crude price reflects the price of oil traded over a shorter period.