Oil prices in Europe have reached record highs due to the blockade of Iranian ports announced by the US. North Sea oil Forties surpassed the 2008 historical maximum, causing a rise in prices in the energy markets.
On Monday, the spot price of North Sea oil Forties reached $148.87 per barrel, exceeding the previous peak. This happened after the US Central Command announced the blockade of Iranian ports through the Strait of Hormuz. This decision forced European and Asian buyers to seek new supply sources due to potential disruptions in oil supply.
June futures for Brent oil also responded with an increase, reaching over $100 per barrel. This significant price rise occurred amid new concerns about strategic supply routes through the Strait of Hormuz. Historically, in 2008, Brent prices reached $147 per barrel, but current prices have not yet exceeded this record.
Earlier, oil prices significantly decreased following the announcement of a ceasefire between Iran and the US. However, the failure of the latest negotiations between these countries again led to a rise in prices, as markets reacted to potential threats to supplies through one of the world’s most important maritime routes.
| Oil Type | Price, $ per barrel | Change, % |
|---|---|---|
| Forties | 148.87 | +5.4 |
| Brent (June futures) | 100+ | +3.7 |
