Real oil price9 Apr 2026 22:24
The real oil price. "A rush among European and Asian refineries to secure oil cargoes has pushed North Sea prices to a record high, as Iran’s continued stranglehold on the Strait of Hormuz triggers fresh angst in the market.
Forties Blend, a marker for oil for immediate delivery, hit almost $147 a barrel on Thursday, above the highs reached on the eve of the 2008 financial crisis as traders scrap for oil cargoes to replace huge volumes now trapped in the Gulf, according to LSEG data.
The physical barrels from the North Sea were trading far above the $97 price of Brent, the international benchmark, for delivery in June — another sign of fear of shortages in the oil market.
The rush to secure cargoes was so powerful that it disrupted a vital pillar of the oil market. Traders said they were unable to buy Brent contracts for difference, which track the gap in prices for immediate and future delivery, for next week after prices exceeded $30 a barrel, breaching a threshold set by Intercontinental Exchange, the main bourse for European oil trading." https://www.ft.com/content/f04ad855-81e3-49c5-827e-d3c4acb901c9?syn-25a6b1a6=1