A rush among European and Asian refineries to secure oil cargoes has pushed North Sea prices to a record high as Iran’s continued stranglehold on the Strait of Hormuz triggers fresh angst in the market.
Forties Blend, a marker for oil for immediate delivery, hit almost $147 a barrel on Thursday, above the highs reached on the eve of the 2008 financial crisis as traders scrap for oil cargoes to replace huge volumes now trapped in the Gulf, according to LSEG data.
The physical barrels from the North Sea were trading far above the $97 price of Brent, the international benchmark, for delivery in June — another sign of fear of shortages in the oil market.
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