Global Oil Prices Surge, Breaching Highest Level Since 2008 Crisis

KOMPAS.com – Oil prices have surged sharply and reached the highest level since the 2008 financial crisis, driven by tight global supplies due to energy distribution disruptions. This surge is reflected in the spot price of Brent crude for physical delivery, which reached $141.36 US per barrel on Thursday, according to S&P Global data. Quoted from CNBC on Friday (3/4/2026), the spot price reflects demand for Brent oil to be delivered in the near term, approximately 10 to 30 days ahead. This sharp rise in prices for prompt delivery indicates that current global physical oil supplies are in a very tight condition. The spot price was recorded at $32.33 higher compared to the Brent crude futures contract for June delivery, which closed at $109.03 US per barrel on the same day. Founder of Energy Aspects, Amrita Sen, assessed that prices in the futures market are actually providing a misleading picture. “Futures prices seem to give a false sense of security that conditions are not too tense,” said Sen. According to her, the financial markets are currently covering up the tightness of supplies that is already clearly visible in the physical market. She added that diesel prices in Europe are currently almost reaching $200 US per barrel, reflecting extremely high pressure in the energy market. Meanwhile, Chevron CEO Mike Wirth had previously also warned that futures prices do not yet reflect the magnitude of supply disruptions due to the closure of the Strait of Hormuz. According to Wirth, current market movements are more influenced by limited information and market participants’ perceptions. “There is a real physical impact from the closure of the Strait of Hormuz that is spreading worldwide and throughout the global energy system. However, this has not yet been fully reflected in the oil futures price curve,” said Wirth.