North Sea oil prices have surged to record levels after Donald Trump accused Iran of breaching an agreement to reopen the Strait of Hormuz.
Cargoes of UK-produced crude jumped sharply, with prices nearing $147 per barrel as traders rushed to secure immediate supplies. Forties Blend, a key benchmark for North Sea oil available for prompt delivery, has now surpassed levels last seen on the eve of the 2008 financial crisis.
Prices have more than doubled from around $60 per barrel at the start of the year, significantly outpacing Brent crude, which was trading near $97 on Friday morning.
The widening premium reflects tightening physical supply conditions. While Brent crude primarily tracks future-dated contracts, North Sea benchmarks represent oil already in transit, indicating heightened urgency among buyers to secure near-term deliveries.
The latest spike follows renewed tensions over the Strait of Hormuz, a critical chokepoint responsible for transporting roughly one-fifth of global oil and gas flows. Markets reacted after Trump claimed Iran had failed to honour a ceasefire agreement intended to ensure the immediate reopening of the route.
In a post on Truth Social, Trump said Iran was doing a “very poor job” of allowing oil shipments to pass through the strait, adding: “That is not the agreement we have.”
