Lates News

European and Asian refineries are scrambling to buy oil, leading to a surge in North Sea crude prices to historic highs, while Iran's continued control of the Strait of Hormuz has also sparked new concerns in the market. Data from the London Stock Exchange Group (LSEG) shows that the spot price of Brent North Sea Forties crude oil, the benchmark for immediate delivery, approached $147 per barrel on Thursday, higher than the pre-2008 financial crisis peak. This price is significantly higher than the international benchmark Brent crude June futures contract price of around $50 per barrel another sign of shortages in the oil market. Traders say that due to prices breaking the $30 per barrel threshold set by the Intercontinental Exchange (ICE), they are unable to purchase next week's Brent crude differential contract (CFD), which tracks the difference between spot and forward delivery prices. These contracts are widely used to hedge against rising oil price risks (Financial Times).