U.S. Oil Premiums Hit Record High as World Scrambles for Crude

The premiums for U.S. West Texas Intermediate crude have soared in the spot market to a record high of between $30 and $40 per barrel above key regional benchmarks as Asia and Europe scramble for supply amid the de facto closure of the Strait of Hormuz. WTI Midland is being offered for July delivery in north Asia at premiums of between $30 and $40 per barrel, depending on the benchmark against which they are marked, trading sources told Reuters on Monday. With most of the Middle Eastern supply still trapped at Hormuz and all Gulf producers slashing…