Kigali, April 9, 2026 – Spot prices for European and West African crude oil soared to unprecedented levels on Wednesday, even as global futures benchmarks plunged following Tuesday’s U.S.-Iran ceasefire announcement.
Benchmark Brent crude futures dropped 13% and U.S. WTI shed 16% on Wednesday, dipping under $100 per barrel. Traders anticipated the Strait of Hormuz reopening and a drop in geopolitical tensions easing supply fears.
Yet physical oil cargoes told a different story. North Sea Forties crude hit a historic peak of $146.43 per barrel on Thursday, per LSEG data, fueled by voracious demand from Asian and European refineries scrambling for non-Middle East supplies.
“The physical market won’t catch up anytime soon – we’re looking at months of supply chain chaos,” said Neil Crosby, analyst at Sparta Commodities. Persistent Iranian restrictions on the Strait of Hormuz and attacks on regional energy assets have locked in these distortions.
Record Premiums Signal Lasting Supply Crunch
Premiums for immediate cargoes exploded to all-time highs. Forties traded at a staggering $20.25 above dated Brent on Wednesday – dated Brent itself commands nearly $27 over June futures. Other North Sea staples like Brent, Oseberg, Ekofisk, and Troll followed suit with record bids.
U.S. WTI Midland, shipped to Europe, fetched a peak $20.70 premium to dated Brent. In West Africa, Angolan Cabinda crude commanded dated Brent plus $10 per barrel or more – a grade-specific record, sources confirmed.
Energy Aspects consultancy noted the ceasefire’s short-term nature (just two weeks) keeps producers sidelined, wary of sudden restarts. Dated Brent, benchmark for over 60% of seaborne crude, amplifies the ripple effects across global trade.
This split underscores refiners’ rush for prompt barrels from stable regions like the North Sea and Angola, as Middle East flows remain in limbo.