Brent crude spot price hits $141.36 amid tight supply from Iran Strait closure

The spot price for Brent crude oil surged to $141.36, the highest since 2008, reflecting tight physical supply due to Iran's closure of the Strait of Hormuz. This price is significantly above the June futures price of $109.03, indicating immediate delivery demand outstrips market expectations. Experts warn the futures market underestimates the current supply disruption's severity, with European diesel prices nearing $200 per barrel. The situation highlights ongoing risks to global oil supply and potential for sustained high prices.