Spot Brent crude oil surges past $140, hitting a “new high in since 2008”#! The ongoing blockade of the Strait of Hormuz triggers a supply-chain crisis

According to reports from public information, due to the continued blockade of the Strait of Hormuz, the spot Brent crude oil price has already broken through the $140 mark, reaching a new high since the 2008 Financial Crisis, and may further increase global inflation pressure.
(Backgrounder: Trump calls on the “Coalition of Eight Nations” to send troops to Iran—“Go take the oil yourselves! The United States is no longer your backer”)
(Additional context: Oil prices break through $100! Trump says the negotiating window is nearly over—“We will seize Iran’s oil”; analysts warn: Bitcoin’s bottom may test $46,000)

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• Severe spot premiums, refineries scramble fiercely to compete
• Strait of Hormuz closed for more than a month, supply chain crisis erupts
• Inflation alarm sounds again, feared to impact the broader economy

The global spot crude oil market has recently seen sharp and violent fluctuations. Driven by geopolitical tensions in the Middle East, the price of spot Brent crude oil (Dated Brent) has surged relentlessly. As of April 2, this spot benchmark price has broken through the $140 threshold, with the latest quote at $141.37, marking the highest level since the 2008 Financial Crisis. This remarkable surge in spot prices has far outpaced contemporaneous futures prices, highlighting that the global physical crude oil supply is facing extreme tightness.

BREAKING: Dated Brent crude oil prices have surged to $141/barrel, the highest since the 2008 Financial Crisis.

— The Kobeissi Letter (@KobeissiLetter) April 2, 2026

Severe spot premium, refineries scramble fiercely to compete

Spot Brent crude oil is one of the most important spot benchmarks in global crude oil trading. It primarily reflects the value of physical delivery over the next 10 to 30 days. Compared with futures, it more accurately shows the real availability of crude oil supply in the market. Data as of 4/2 shows that while spot prices have surged past $141, the front-month Brent futures contract has only been hovering around $107 to $109. This intense “spot premium” (Backwardation) phenomenon indicates that refiners are engaging in fierce competition to secure limited physical crude oil.

Strait of Hormuz closed for more than a month, supply chain crisis erupts

The core driver behind this jump in oil prices comes from the continued blockade of the Strait of Hormuz. Since U.S. and Israeli military actions against Iran sparked the conflict, this critical waterway that carries roughly one-fifth of global oil transport volumes has been shut for more than a month. Exports from major Middle East oil-producing countries—including Saudi Arabia, the UAE, and Iraq—have all been seriously disrupted.

In response, the International Energy Agency (IEA) has gone further to describe it as “one of the most severe oil supply disruptions in history.” As pre-war oil stockpiles gradually run out, Brent crude in March recorded a rare surge, and after entering April, the upward momentum has remained strong.

Inflation warning sounds again, feared to impact the broader economy

High oil prices will inevitably directly push up global inflation pressure, especially operating costs in the energy, transportation logistics, and chemical industries. From a broader macroeconomic perspective, with risks of inflation roaring back, central banks in different countries (such as the Federal Reserve) will face increasingly difficult choices regarding monetary policy. Analytical institutions warn that if the Strait of Hormuz cannot be reopened for a long time, oil prices may face further risk of rising toward $150 or even higher.