What this real-world oil price says about the level of stress in the energy market

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The fluctuating price of dated Brent, the global benchmark for real-world barrels of crude, has prompted energy analysts warn to that acute stress in the physical oil market shows little sign of abating amid worries over a fragile ceasefire in the Middle East.

As energy market participants continue to monitor shipping disruption through the strategically vital Strait of Hormuz, an unprecedented gap has emerged between dated Brent and front-month Brent futures

, suggesting supplies will remain tight for some time.

The spot price of dated Brent, which refers to physical cargoes that have been assigned delivery dates from 10 days forward to one month ahead, came in at $131.97 per barrel on Thursday afternoon, according to data compiled by Platts.