BREAKING: Amid US/Israel Vs Iran War, Global Oil Price Reaches Highest Price As Hormuz Crisis Deepens
Dated Brent, the global benchmark for real-world, physical barrels of crude oil, reached $144.42 on Wednesday, Bloomberg reported citing S&P Global Energy Platts, its highest price on record, breaking a previous record set in 2008 at the height of the financial crisis.
Dated Brent is a price assessment of six crude oil streams reported by Platts, and measures the spot values of physical cargoes of crude oil.
Oil prices have been rising since Iran closed the Strait of Hormuz as a result of the ongoing war with the U.S. and Israel, and Iranian officials have previously threatened prices could reach $200 per barrel if the war continues.
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.
The main driver of prices such as that of Forties is “panic” over supplies, said Adi Imsirovic, a veteran oil trader. “When there is a real, physical shortage, people are not thinking about July delivery – June loading and hence June futures prices – but oil NOW
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