North Sea Oil Hits Record $147 per Barrel

North Sea oil prices have reached unprecedented levels as disruptions in the Strait of Hormuz persist despite a recent ceasefire agreement between the United States and Iran, fueling a scramble among European traders to secure supplies. The Forties Blend benchmark, used for UK-produced cargoes, climbed to nearly 147 dollars per barrel late Thursday, eclipsing the previous record set during the 2008 financial crisis, according to data from LSEG.

The surge follows the announcement of a two-week truce on Tuesday, which was intended to end military confrontations and restore normal tanker traffic through the strait, a vital chokepoint for about one-fifth of the world's daily oil supply. However, Iranian naval forces have maintained a strong presence in the area, limiting passages to just a handful of vessels daily. Reports indicate only four ships navigated the strait on Wednesday, with one oil tanker completing the route in the subsequent 24 hours. Tehran has introduced requirements for military coordination and is assessing fees on transiting vessels, estimated at around one dollar per barrel, transforming the waterway into a controlled passage.