North Sea Crude Soars to Record High as Hormuz Shock Rips Through Spot Markets

Brent futures may have sunk below $100 per barrel after the U.S.-Iran ceasefire was announced, but constraints are intensifying amid the supply shock, with the physical price of a key North Sea blend surging on Thursday to a record high of as much as $147 per barrel. Forties Blend, the physical marker for immediate delivery of the crude from the North Sea, surpassed the previous record from 2008 and hit $147 per barrel on Thursday, according to data from LSEG cited by the Financial Times. The price of the physical crude for immediate delivery is…