Brent Spot Crude Surpasses $140, Reaching Highest Level Since 2008

Deep News04-03 01:00

The world's most significant spot crude oil price exceeded $140 per barrel on Thursday, reaching its highest level since 2008. Data released by S&P Global indicated that the North Sea crude spot price benchmark, dated Brent, rose to $141.37 per barrel, marking the highest point since 2008. The International Energy Agency stated that a 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 approximately one-fifth of the world's oil shipments. The dated Brent price saw a significant increase from the previous day's level of just over $128 and is now higher than the peak seen during Russia's invasion of Ukraine in 2022. Although the benchmark Brent futures price remains below the level when the Russia-Ukraine war began, dated Brent reflects more immediate, near-term crude oil prices for prompt delivery.

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