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The spot price for current physical cargoes of Brent crude oil soared Thursday to $141.36, the highest level since the 2008 financial crisis, according to S&P Global, which tracks the data.
The spot price reflects the demand for Brent oil that will be delivered in the next 10 to 30 days. The high price for more immediate oil deliveries points to the tightness of physical supply right now due to the huge disruption trigged by the Iran’s closure of the Strait of Hormuz.
The price was $32.33 higher than the Brent crude futures
contract for June delivery, which closed at $109.03 on Thursday.
