Global major crude oil spot prices soared to their highest level since 2008.

On April 2nd, the global benchmark physical crude oil trading price surpassed the $140 per barrel mark, reaching a new high since 2008. According to S&P Global, the spot Brent crude oil price which is the price of physical shipment crude oil traded in the North Sea region has reached $141.37 per barrel, hitting a new high since 2008. US President Trump "reaffirmed" that Iran should reach an agreement now to avoid being too late. Currently, the Strait of Hormuz has been blocked for over a month. The International Energy Agency describes it as the "most severe supply disruption in the history of the oil market". The waterway carries about one-fifth of global oil flows; since the blockade, global refiners have been scrambling to secure any physical crude oil they can get. The spot Brent crude oil price has surged from slightly above $128 the previous day, and is now above the crisis peak during the 2022 Russia-Ukraine conflict. Although the benchmark Brent crude oil futures price is still below the highs of that year, the value of spot Brent represents a more urgent price for physical delivery of oil.