North Sea crude prices have surged to unprecedented levels as Iran's control over the Strait of Hormuz intensifies market concerns. The spot price for Brent North Sea Forties crude reached nearly $147 per barrel, surpassing the previous peak set before the 2008 financial crisis. This spike is driven by heightened competition among European and Asian refineries for crude oil. The current spot price is approximately $50 higher than the June futures contract for Brent crude, highlighting significant supply shortages. Traders report difficulties in purchasing Brent crude contracts for next week, as prices exceeded the $30-per-barrel threshold set by the Intercontinental Exchange. These contracts are crucial for hedging against rising oil prices, underscoring the market's volatility.