Oil refineries in Europe and Asia are now facing unprecedented costs, with certain crude oil grades selling for nearly $150 per barrel, significantly outpacing paper futures, underscoring the escalating global supply shortage triggered by the US-Israel conflict with Iran.
The ongoing conflict has led to the shutdown of at least 12 million barrels of oil per day, equivalent to about 12 percent of the world’s total supply, due to Iran’s effective blockade of the Strait of Hormuz.
Consequently, Brent oil futures reached a 12-month high of $119.50 per barrel last month, exceeding the 2022 benchmark, albeit falling short of the 2008 record of $147.50. The nearby Brent contract is set for delivery in June.
The intense competition among Asian and European refiners to secure alternative oil supplies and replace disrupted Middle Eastern flows has driven up prices for replacement crudes with immediate delivery, such as those sourced from Europe and Africa.
As a result, some oil grades are already setting new records.
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