As of April 15, 2026, physical North Sea Forties (i.e. a "Barrel" of crude oil) crude prices hit a record high, approaching $150. per barrel, driven by extreme market tightness due to the Strait of Hormuz crisis and supply disruptions.
Yet, the general public is being told "Oil is below $100."
That's the Brent futures price for June delivery. A financial contract.
Physical Forties crude (actual barrels, prompt delivery), hit $148 this week, an all-time record. Those are the prices refineries and traders are actually paying in the real world.
That's a $50 gap between the headline price and the physical price.
The dislocation between the paper oil price and the physical oil price has never been greater. The US Interior Secretary confirmed the government has discussed using futures market intervention to suppress oil prices.
This price surge represents a massive barrel premium over futures, with physical cargo availability restricted by high demand from European and Asian refiners seeking alternatives to Middle Eastern oil.
Record Highs: Physical Forties reached $148.87 per barrel on April 13, 2026, breaking previous records, according to LSEG data.
Market Drivers: The surge is caused by panic over immediate supply shortages following the effective closure of the Strait of Hormuz since late February 2026.
Physical vs. Futures: While Brent crude futures are down, physical cargo prices are significantly higher, indicating intense strain on spot market availability.
About the Crude: Forties is a significant light, sweet blend, part of the Brent complex and transported through the 169-kilometer Forties Pipeline System (FPS) from the North Sea to Cruden Bay, Scotland.
Market Impact: The high cost for immediate, physical delivery is forcing refiners to scramble, with European markets particularly affected.
