Physical Crude Oil Prices Hit A Record High

• 7.04.2026, 19:39

$150 a barrel.

Refineries in Europe and Asia are buying some grades of crude at a record high price of about $150 a barrel, well above the cost of futures, writes Reuters.

In March, futures for benchmark Brent rose to $119.5 a barrel, the highest since 2022. The record was set in 2008 at $147.5 a barrel.

The blockade of the Strait of Hormuz and the fallout of supplies from the Middle East have led to competition from European and Asian refineries for barrels of oil that can be delivered quickly.

The main driver of prices is panic, oil trader Adi Imsirovic explained to the agency. "When there is a real, physical shortage, people don't think about July deliveries, June shipments and therefore June futures prices, but about oil right NOW," he added.