Data from the London group of exchanges and traders on Monday showed that the price of oil in spot deals to Europe reached a record level, approaching $150 per barrel, while shipments to Africa also set new records. This comes amid concerns over a prolonged supply disruption caused by the US plan to control the Strait of Hormuz. June WTI futures jumped 6.12% to $102.26 per barrel, while Brent crude rose 6.24% to $95.23. These developments follow the US Navy's preparation to enforce control over the Strait of Hormuz for ships traveling to and from Iran, after Washington and Tehran failed to reach an agreement to end the war.
