North Sea Forties Crude Oil Hits Record High Amidst Hormuz Strait Tensions

The price of North Sea Forties crude oil surged to a record high, nearing $150 a barrel, driven by concerns over supply shortages exacerbated by the U.S. plan to blockade the Strait of Hormuz.

LONDON, April 13 - The price of North Sea Forties crude oil has soared to new heights, reaching nearly $150 a barrel on Monday. This surge is largely attributed to the United States' strategic plans to blockade the Strait of Hormuz, intensifying existing concerns around supply shortages.

According to data released by LSEG, the price of this particular crude oil, tagged , hit $148.87 a barrel. This figure surpasses the previous peak recorded in 2008, underscoring the market's heightened anxieties.

Industry analysts suggest that geopolitical tensions, combined with already tight global oil supplies, are contributing to the unprecedented rise in prices. This development could have substantial implications for the global energy market.

(With inputs from agencies.)