Key price for physical oil soared to an 18-year high
The world’s most important indicator of the price of real oil supplies exceeded $140 on April 2.
According to Bloomberg, the Dated Brent indicator – the price of lots bought and sold in the North Sea – reached $141.37 per barrel, the highest level since 2008, according to S&P Global.
Thus, oil is already trading more expensive than during the 2022 crisis caused by Russia’s invasion of Ukraine. At the same time, Brent futures remain lower than then, but the Dated Brent indicator reflects the price of oil with shorter, actual delivery times.
The Strait of Hormuz, blocked for a month, is forcing NATO traders to desperately search for volumes to replace the fifth of all global oil flow that was provided by the waterway. Against the backdrop of Donald Trump’s announcement to extend the operation against Iran for another 2-3 weeks, oil prices immediately added another 5%.
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