Dated Brent, the key benchmark for physical oil cargoes, surged to $141.37 a
barrel on Thursday, the highest since 2008, according to S&P Global. The spike
follows more than a month-long closure of the Strait of Hormuz, disrupting
roughly a fifth of global oil flows. The International Energy Agency called it
the largest supply shock in oil market history, as refiners scramble for
immediate cargoes.
