Dated Brent hits $144 a barrel after Middle East disruptions
Business
Dated Brent just hit record highs, with Brent crude reaching $144 a barrel, after supply disruptions in the Middle East triggered a worldwide scramble for fuel.
Only a handful of buyers managed to secure North Sea oil at these steep prices, showing just how tight things have gotten.
Japan and India shift oil suppliers
Refineries in Asia and Europe are urgently searching for new sources: Japan is turning to US oil, while India is doubling up on imports from Venezuela.
The price gap between physical oil and futures remains wide, fueled by worries over more Middle East conflict.
All this could mean higher costs for travel and goods everywhere, especially in countries that rely heavily on imported energy.