"The Forties Blend, the key benchmark for UK-produced crude, climbed to nearly $147 a barrel late on Thursday, overtaking its previous peak during the 2008 financial crisis, as buyers scrambled for physical cargoes."
"The dramatic rise marks a sharp escalation from around $60 at the start of the year, underlining the scale of disruption caused by weeks of conflict in the Middle East and the growing anxiety gripping global energy markets."
"Traders warn that without a full restoration of shipping through the narrow Gulf passage, supply shortages will persist, particularly in Europe, which relies heavily on seaborne crude."
"The surge is likely to have immediate consequences for UK motorists and businesses, with higher crude prices feeding through into petrol, diesel, and energy costs in the weeks ahead."
North Sea oil prices have surged to nearly $147 a barrel, surpassing previous highs from the 2008 financial crisis. This increase is driven by fears of continued closure of the Strait of Hormuz, a critical route for oil shipments. The rise from around $60 at the year's start highlights the disruption caused by Middle Eastern conflict. While Brent crude has seen a more modest increase, the divergence in prices indicates a scramble for accessible oil supplies, impacting UK motorists and businesses with rising fuel costs.
Read at London Business News | Londonlovesbusiness.com
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