Lates News

The crisis in the HORMUZ Strait has exacerbated the prices paid by European and Asian refiners for some spot crude oil, far exceeding the paper futures prices. According to data from the London Stock Exchange Group (LSEG), the spot price of Brent North Sea Forties crude oil rose to $146.09 per barrel on Tuesday, surpassing the level of 2008 and reaching an all-time high. The spot price of Brent crude oil was more than $36 higher than the futures for June delivery, said oil trader Adi Imsirovic. He stated that the main factor driving the price increase is panic over supply. He said, "When there is a real shortage of spot crude oil, people will not consider the futures prices for June delivery, but will consider the current spot prices of oil." Brent crude for June delivery closed at $109.27 per barrel on Tuesday, down 0.45%.