AI Summary
A scramble among European refiners for oil cargoes pushed the spot price of Forties crude to a record high, as the continued effective closure of the Strait of Hormuz sparked fresh market concerns.
The North Sea benchmark for spot delivery rose to around $147 per barrel on Thursday, surpassing its previous peak recorded on the eve of the 2008 financial crisis.
The surge came despite the resilience of the US–Iran ceasefire, although fears of its collapse—amid Israeli strikes on Lebanon—kept uncertainty elevated.
Demand for prompt cargoes remained so strong that some traders were unable to buy Brent crude spread contracts for next-week delivery, which track the difference between spot and futures prices, as the spread exceeded $30 per barrel—surpassing limits set by Intercontinental Exchange.
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