Brent Oil Spot Price Soars to $141, Highest Since 2008

Analysts warn futures price is 'giving a false sense of security' about supply tightness

Apr. 2, 2026 at 8:33pm

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A geometric abstract illustration featuring overlapping triangles and circles in shades of blue, red, and yellow, conceptually representing the divergence between Brent crude oil spot and futures prices.Diverging oil prices expose the disconnect between financial markets and physical supply realities.Houston Today

The spot price for physical cargoes of Brent crude oil hit $141.36 on Thursday, the highest level since the 2008 financial crisis, as the closure of the Strait of Hormuz has disrupted global oil supply. Experts say the futures price is not accurately reflecting the true tightness in the physical oil market.

Why it matters

The divergence between the spot and futures prices for Brent crude highlights the challenges in accurately pricing oil amid major supply disruptions. This could have significant impacts on global energy markets, inflation, and the broader economy.

The details

The spot price for Brent crude, which reflects the demand for oil that will be delivered in the next 10-30 days, was $32.33 higher than the Brent futures contract for June delivery on Thursday. Analysts say the futures price is 'almost giving a false sense of security' about the true tightness in physical oil supply caused by the closure of the Strait of Hormuz by Iran.

  • The Brent oil spot price hit $141.36 on Thursday, April 2, 2026.

The players

Amrita Sen

Founder of Energy Aspects, an energy research firm.

Mike Wirth

CEO of Chevron, who warned last week that the futures price is not reflecting the scale of the oil supply disruption.

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What they’re saying

“You are seeing it but the financial market is almost masking the true tightness that everywhere else is showing up.”

— Amrita Sen, Founder, Energy Aspects

“There are very real, physical manifestations of the closure of the Strait of Hormuz that are working their way around the world and through the system that I don't think are fully priced into the futures curves on oil.”

— Mike Wirth, CEO, Chevron

The takeaway

The divergence between spot and futures prices for Brent crude highlights the challenges in accurately pricing oil amid major supply disruptions, which could have significant impacts on global energy markets, inflation, and the broader economy.