Oil refineries in Europe and Asia are now facing the daunting task of securing crude at record-breaking prices of nearly $150 per barrel for certain grades, significantly outpacing paper futures, as the escalating conflict between the US and Iran exacerbates the global supply shortage. The Iran-led closure of the Strait of Hormuz has led to the shutdown of at least 12 million barrels per day of oil production, equivalent to roughly 12 percent of the world’s total supply, severely impacting the global oil market.
The recent surge in Brent oil futures to $119.50 per barrel in the previous month marks the highest level since 2022, although it still falls short of the 2008 record high of $147.50. The June delivery Brent contract is currently trading at this elevated price. The intense competition among Asian and European refiners to secure replacement oil supplies from other regions, such as Europe and Africa, has driven up prices for crudes with immediate delivery, resulting in some grades reaching record highs.
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