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Iran's grip on the Strait of Hormuz sends North Sea crude to record highs

Huo Xing Finance reported on April 10, citing the Financial Times, that refineries in Europe and Asia are scrambling for crude supplies, lifting North Sea grades to record levels as Iran's continued control of the Strait of Hormuz fuels fresh market anxiety. London Stock Exchange Group (LSEG) data show spot Brent North Sea Forties—a key benchmark for prompt delivery—neared $147 a barrel on Thursday, topping the high set just before the 2008 financial crisis. The spot level stands about $50 above the June Brent futures price, underscoring tightness in physical supply. Traders said they could not buy next-week Brent contracts after prices breached the $30-per-barrel threshold set by Intercontinental Exchange (ICE). The contracts track the spread between spot and forward deliveries and are widely used to hedge against rising oil prices.
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