Oil prices have gone completely crazy. The spot price for Brent crude — which reflects immediate physical deliveries — jumped to a staggering $141.36 per barrel on Thursday, the highest level since the 2008 financial crisis.
The price of physical oil (Dated Brent) surged above $140 per barrel — the highest since 2008 — amid the Iran War.
While futures traded much lower, the physical market reflects a severe supply squeeze. pic.twitter.com/SPXErzuGsZ
— Clash Report (@clashreport) April 2, 2026
That’s a massive $32 jump compared to the June futures contract, which closed at $109. The huge gap shows just how tight the physical supply of oil has become after Iran closed the Strait of Hormuz.
Energy expert Amrita Sen from Energy Aspects said the futures market is giving a “false sense of security.” While paper prices look somewhat manageable, the real-world tightness is showing up everywhere else. In Europe, a barrel of diesel is now trading close to $200.
Chevron CEO Mike Wirth also warned last week that the futures price doesn’t reflect the real disruption caused by the closure of the Strait. He said the market is running on “perception” and “scant information,” while actual physical shortages are rippling through the global system.
The ongoing US-Israel war on Iran has turned the Strait of Hormuz — a critical chokepoint for global oil — into a major flashpoint, and the impact is now hitting hard at the pump and in energy markets worldwide.
