Brent oil spot price jumps above $140

Data tracked by S&P Global showed the price for physical Brent cargoes scheduled for delivery within 10 to 30 days reached about $141 per barrel on April 2. The sharp rise reflects immediate demand for available supplies in the physical oil market.

The spike comes as tensions in the Middle East disrupt shipments through the Strait of Hormuz, one of the world’s most important energy corridors. The waterway handles roughly one fifth of global seaborne crude oil and liquefied natural gas, making any disruption a major risk for energy markets.

At the same time, oil futures are trading far below the price of physical cargoes. Brent crude futures for near term delivery have been trading around $109 per barrel, creating a gap of more than $30 between futures and spot prices.

Benchmark U.S. crude, West Texas Intermediate, has also climbed sharply, reaching around $111 per barrel, its highest level in several years.

Earlier, Qazinform News Agency reported that the average price of gasoline in the United States had climbed above $4 per gallon for the first time in nearly four years.