Brent crude oil prices have surged past $140 per barrel, marking the highest level since 2008. On April 3, spot Brent crude reached $141.37 per barrel, driven by the prolonged closure of the Strait of Hormuz, a critical chokepoint for global oil shipments. This disruption, described by the International Energy Agency as the largest in oil market history, has significantly impacted supply, with refineries scrambling to secure oil. The Strait of Hormuz, responsible for about 20% of global oil shipments, has been closed for over a month, exacerbating supply challenges. Spot Brent crude was just under $128 per barrel a day earlier, now surpassing the peak levels seen during the 2022 Russia-Ukraine crisis. While futures prices remain lower, the spot price reflects immediate trading conditions.