finance
Physical Brent nears $150 as Iran disruptions squeeze supply
Spot Brent jumped to $141.37 as Strait of Hormuz exports collapsed, forcing buyers to pay steep premiums and creating an unprecedented gap with front-month futures.
Apr 3rd 2026 · Iran
Insights
- Dated Brent reached $141.37, the highest level since 2008.
- Front-month Brent futures trade near $109, leaving about a $32 gap with Dated Brent.
- The large spread reflects an acute physical supply shortage rather than speculative buying.
- Daily transits through the Strait of Hormuz fell from about 130 to low single digits last month and remain severely reduced.
- Dubai and Omani crudes are trading above $150 while WTI has surpassed Brent by $3 as traders shift to US supply.
- Analysts warn a prolonged conflict could push front-month Brent toward $200 and increase recession risks for energy-importing countries.