Physical oil in Europe hits record high near $150 a barrel as Hormuz crisis worsens
London, April 12026 – – European crude oil prices climbed to a record high near $150 a barrel on Monday as the U.S. plan to blockade the Strait of Hormuz added to concern about tight supplies.
The price of Brent crude futures for June delivery rose 6% to more than $100 a barrel as the U.S. Navy prepared to block ships to and from Iran via the Strait of Hormuz in a move that could restrict Iranian oil exports after Washington and Tehran failed to reach a deal to end the war.
This is far short of Brent’s all-time high of $147 a barrel set in 2008.
However, the price of physical crude cargoes for immediate delivery is significantly higher as the effective closure of Hormuz has sent buyers in Europe and Asia scrambling to secure supplies.
The outright price of North Sea Forties crude reached $148.87 a barrel on Monday, LSEG data showed, exceeding its 2008 peak.
Repsol CEO Josu Jon Imaz commented on the premium at which physical cargoes are trading to the prices fetched on financial markets at an event on Monday.
“Physical transactions are under a lot of strain,” he said. (Reuters)
