Physical oil hits record high near $150 a barrel as Hormuz supply crisis worsens
LONDON, April 14 -- The price of physical crude oil cargoes for prompt delivery to Europe hit a record high near $150 a barrel on Monday and those for Africa hit new peaks, according to LSEG data and traders, as the US plan to blockade the Strait of Hormuz raised concern of a prolonged disruption to supplies.
The price of Brent crude futures - the benchmark price for oil in financial markets - rose 6% for June delivery to more than $100 a barrel as the US Navy prepared to block ships to and from Iran via the Strait of Hormuz after Washington and Tehran failed to reach a deal to end the war. That is still 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 si...
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