European and ‌Asian refiners are paying record high prices of near $150 a barrel for some crude oil grades, far exceeding prices for paper futures, highlighting the worsening supply crisis from the U.S.-Israel war with Iran.
The Iran war has forced the shutdown of at least 12 ​million barrels per day – about 12% of world supply – from the Middle East due to Iran’s effective ​closure of the Strait of Hormuz. As a result, Brent oil futures reached $119.50 a ⁠barrel last month, the highest since 2022 although still short of the 2008 record high of $147.50. The nearby ​Brent contract is for June delivery. Competition for supply from Asian and European refiners to replace disrupted Middle Eastern oil ​flows has helped to drive up the prices of replacement crudes for more immediate delivery, such as those in Europe and Africa. As a result, some crudes are hitting records already. The outright price of North Sea Forties crude reached $146.09 a barrel on Tuesday, ​according to LSEG data, above the 2008 level and an all time high.

Full report : Physical oil prices hit record highs near $150 a barrel as Hormuz crisis worsens.