Brent crude benchmark hits record high

The benchmark price for physical Brent crude oil has officially exceeded its peak from the 2008 Great Financial Crisis. At the same time, the nearest futures contract for June delivery is trading around $100 per barrel, creating an unprecedented spread of roughly $35 between the two, compared to a historical norm of $1-2. This gap indicates a market that cannot source enough barrels for immediate delivery, even as futures prices assume supply will normalize later. The situation is driven by approximately 13 million barrels per day of supply missing from the market, forcing European and Asian refiners to compete aggressively for available cargoes.