Asian refineries are scrambling to secure oil cargoes as Iran maintains its stranglehold on the Strait of Hormuz, sending North Sea prices to record highs. Forties Blend crude hit almost $147 a barrel, surpassing the 2008 financial crisis peak, according to LSEG data. The rush to secure supplies disrupted oil trading, with Brent contracts for difference exceeding $30 a barrel and breaching Intercontinental Exchange thresholds.

Traders warn the crisis could trigger an actual physical shortage in Asia, where 80% of oil transits through the strategic waterway. Amos Hochstein, former Biden energy adviser, cautioned that if the blockade continues, markets may conclude the straits are closed indefinitely, potentially leading to both price spikes and supply crises. Only a handful of ships have passed through since the two-week ceasefire began.

The mounting stress underscores how the global energy crisis is intensifying despite US assurances that Tehran would open the waterway. With Asian customers already hunting for alternative supplies to replace Middle Eastern oil lost due to the Iran war, the situation threatens to worsen as US crude exports to the region hit record levels in April.