The price of crude cargoes for immediate delivery has soared to its highest level since 2008, as traders react to a possible escalation of the Iran war and concerns about shortages of oil.
Dated Brent, the price of shipments bought and sold in the North Sea, on Thursday hit $141.36 per barrel, up from $128.46 a day earlier, according to S&P Global, a research group.
The surge followed a televised address to the nation by US President Donald Trump on Wednesday in which he vowed he would hit Iran “extremely hard” in the coming weeks and threatened to bomb the country “back to the stone ages”.
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