Spot Brent crude oil breaks through $140 per barrel, reaching the highest level since 2008.

MeNews · 2026-04-02T17:23:18+00:00

On April 3rd, the spot Brent crude oil price broke through $140 per barrel, reaching the highest level since 2008. This was mainly due to a historic supply disruption caused by the closure of the Strait of Hormuz. The current price is higher than the peak during the 2022 Russia-Ukraine crisis.

MeNews

2026-04-02 17:23:18

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ME News update, on April 3 (UTC+8), spot Brent crude oil (the North Sea physical crude delivery benchmark) broke above the $140 per-barrel high, the highest level since 2008. According to S&P Global, the Brent crude oil price delivered in the North Sea reached $141.37 per barrel, the highest level since 2008. The Strait of Hormuz has been closed for more than a month, causing what the International Energy Agency calls the largest supply disruption in the history of the oil market. The strait accounts for about one-fifth of global oil transport volume, and refineries have been scrambling to secure any oil they can get over these past weeks. A day earlier, spot Brent crude was still slightly below $128 per barrel, while its current price is already above the peak of the 2022 Russia-Ukraine crisis. Benchmark Brent crude oil futures prices remain below that level, but spot Brent crude oil represents crude trading prices over a shorter period. (Jin10) (Source: ODAILY)

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