Brent Crude Prices Soar Amid Hormuz Blockade Concerns

European crude oil prices hit near $150 a barrel after the U.S. proposed blocking the Strait of Hormuz. While Brent crude futures rose 6% to over $100 per barrel, physical crude cargoes have soared above $148 due to supply disruptions, as noted by Repsol's CEO.

European crude oil prices reached unprecedented levels, climbing to nearly $150 per barrel as geopolitical tensions escalate. The potential U.S. blockade of the Strait of Hormuz has compounded supply fears.

Brent crude futures for June saw a 6% rise, topping $100 per barrel. This escalation follows the U.S. and Iran's failure to negotiate a resolution, prompting the U.S. Navy to consider a blockade that could severely impact Iranian oil exports.

In stark contrast, North Sea Forties crude prices have surged past their 2008 highs, with immediate delivery cargoes demanding a premium. Repsol's CEO highlighted the strain on physical transactions due to the current market dynamics.

(With inputs from agencies.)