[Brent Crude Oil Breaks $140/Barrel, Reaching a New High Since 2008] On Thursday, Brent crude oil (the benchmark for physical delivery in the North Sea) broke through the $140 mark per barrel, its highest level since 2008. According to S&P Global, Brent crude for North Sea delivery reached $141.37 per barrel, the highest level since 2008. The Strait of Hormuz has been closed for over 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 shipments, and refineries have been struggling to obtain any oil they can get their hands on for weeks. Brent crude was just below $128 per barrel a day earlier, and the current price is higher than the peak during the 2022 Russia-Ukraine crisis. While benchmark Brent crude futures prices remain below those levels, the spot Brent crude price represents the price of crude oil trading over a shorter period.
