On Monday, April 24, the price of physical crude oil cargoes in Europe reached a record close to $150 per barrel due to concerns over a potential U.S. naval blockade of the Strait of Hormuz, which could restrict Iran's oil exports. According to LSEG data, the spot price of North Sea Forties crude reached $148.87 per barrel, surpassing the 2008 peak of $147 per barrel.
