Key facts
- The gap between crude oil scheduled for immediate delivery and futures prices is at a record high.
- Supply disruptions in the Strait of Hormuz are contributing to the elevated prices for immediate oil delivery.
The price of crude oil for immediate delivery has reached a new record high, underscoring the significant premium buyers are willing to pay for assured supply amidst ongoing supply disruptions in the Strait of Hormuz. This widening gap between the spot price and futures contracts indicates a strong current demand for oil that outstrips readily available supply.
