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The spot Brent crude oil breaks through $140 per barrel, reaching a new high since 2008.
ME News Report, April 3rd (UTC+8), the spot Brent crude oil (North Sea physical crude oil delivery benchmark) broke through the high of $140 per barrel, the highest level since 2008. According to S&P Global, the price of Brent crude oil delivered in the North Sea reached $141.37 per barrel, the highest since 2008. The Strait of Hormuz has been closed for over a month, causing what the International Energy Agency calls the largest supply disruption in the history of the oil market. The strait accounts for about one-fifth of global oil transportation, and refineries have been scrambling to get any oil they can over the past few weeks. The spot Brent crude oil was slightly below $128 per barrel a day ago, but current prices are higher than the peak during the 2022 Russia-Ukraine crisis. The benchmark Brent crude futures price remains below that level, but the spot Brent crude oil price reflects the short-term trading price of crude oil. (Jin10)(Source: ODaily)