Brent crude oil spot prices surged to $141 per barrel, reaching the highest level since the 2008 financial crisis.

According to S&P Global’s monitoring data, on Thursday Brent crude spot prices surged to $141.36, the highest level since the 2008 financial crisis.

This spot price reflects demand for Brent crude to be delivered within the next 10 to 30 days. Recent delivery quotes for crude have jumped sharply, highlighting severe supply disruptions stemming from the turmoil caused by Iran’s blockade of the Strait of Hormuz. The spot crude oil market is currently experiencing an extreme shortage of supply.

The price is $32.33 higher than the Brent crude futures contract for June delivery—that is, Brent June futures closed on Thursday at $109.03.

Amrita Sen, founder of the energy advisory firm Energy Aspects, said in an interview that the futures price “almost gives a false sense of security, making people think the supply pressure isn’t that severe.”

“Reality is right in front of us, but financial markets have almost obscured the real supply tightness that other regions are showing. ” She noted that, at present, the price of a barrel of diesel in Europe is approaching $200.

Last week, Chevron CEO Mike Wirth warned that futures prices do not reflect the scale of oil supply disruptions caused by the closure of the Strait of Hormuz. He said the market is currently trading based only on “limited information” and “market expectations.”

On March 23, Wirth said at the Houston S&P Global CERAWeek energy conference: “The tangible spot impact brought about by the Strait of Hormuz blockade is spreading and transmitting across the globe, and I believe these impacts are not fully reflected in the crude oil futures curve.”

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Editor: Ding Wenwu