Price of physical cargoes of oil hits highest level since 2008 financial crisis

The price of physical cargoes of Brent crude jumped to $141.36/barrel, the highest level since the 2008 global financial crisis, according to S&P Global. The jump signals that buyers are paying high premiums to purchase crude as the Strait of Hormuz's closure sparks new supply concerns. The price reflects demand for Brent oil set to be delivered in 10-30 days.