European and Asian refiners are paying near $150 per barrel for certain crude oil grades, surpassing paper futures prices, indicating a worsening supply crisis due to the U.S.-Israel confrontation with Iran.

The Iran war has led to the closure of the Strait of Hormuz, resulting in the shutdown of 12 million barrels per day, or 12% of global supplies, from the Middle East. Brent oil prices reached $119.50 a barrel last month, the highest since 2022 but behind the 2008 record high of $147.50. The closest Brent contract is for June delivery.

Due to this, certain crudes are setting records. On Tuesday, North Sea Forties crude reached $146.09 a barrel, surpassing the 2008 level and reaching an all-time high, according to LSEG data.