Oil buyers are scrambling to replace supplies from the Gulf, causing price leaps for grades around the world from Norway to Kazakhstan and driving crude traded in Oman to a record of more than $150 a barrel.
The closure of the Strait of Hormuz due to the war in the Middle East has severed about a fifth of the world’s oil production from global markets, boosting demand for grades of crude with similar characteristics to those produced in the Gulf.
The growing disruption to supplies has driven a number of regional price benchmarks to all-time highs, even as global marker Brent has fallen back to just above $100 a barrel after jumping to nearly $120 in the early stages of the Iran war.
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