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๐ฅIran's control of the Strait of Hormuz raises concerns, North Sea crude oil prices hit a record high
According to the Financial Times, refineries in Europe and Asia are rushing to buy oil, causing North Sea crude oil prices to soar to historic highs, and ongoing Iranian control of the Strait of Hormuz has also sparked new market worries. Data from the London Stock Exchange Group (LSEG) shows that the spot price of Brent North Sea Forties crude oil, a benchmark for immediate delivery, approached $147 per barrel on Thursday, surpassing the pre-2008 financial crisis high. This price is about $50 higher than the June futures contract for Brent crude oil, indicating signs of a shortage in the oil market. Traders said that because the price exceeded $30 per barrel and triggered the threshold set by the Intercontinental Exchange (ICE), they were unable to purchase next week's Brent crude oil spread contracts (...