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

MeNews · 2026-04-02T19:03:25+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 19:03:25

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ME News message, on April 3 (UTC+8), spot Brent crude oil (North Sea physical crude oil delivery benchmark) broke through the high of $140 per barrel, the highest level since 2008. According to S&P Global, the price of Brent crude oil delivered in the North Sea reached $141.37 per barrel, the highest level since 2008. The Strait of Hormuz has now 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, and refineries in these weeks have been scrambling to secure whatever oil they can get. Spot Brent crude was just slightly below $128 per barrel a day earlier, but the current price is now above the peak of the 2022 Russia-Ukraine crisis. The price of benchmark Brent crude oil futures remains below that level at the time, but spot Brent crude represents the price of crude oil trades over a shorter period. (Jin 10) (Source: ODAILY)

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