Physical oil prices hit record highs near $150 a barrel as Hormuz crisis worsens

LONDON — European and Asian refiners are paying record high prices of near $150 a barrel for some crude oil grades, far exceeding prices for paper futures, highlighting the worsening supply crisis from the U.S.-Israel war with Iran. The Iran war has forced the shutdown of at least 12 million barrels per day — about 12 percent of world supply — from the Middle East due to Iran's effective closure of the Strait of Hormuz. As a result, Brent oil futures reached $119.50 a barrel last month, the highest since 2022 although still short of the 2008 record high of $147.50. The nearby Brent contract is for June delivery. Competition for supply from Asian and European refiners to replace disrupted Middle Eastern oil flows has helped to drive up the prices of replacement crudes for more immediate delivery, such as those in Europe and Africa. As a result, some crudes are hitting records already. The outright price of North Sea Forties crude reached $146.09 a barrel on Tuesday, according to LSEG data, above the 2008 level and an all time high. The main driver of prices such as that of Forties i

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