Brent oil spot price for actual cargo soars to $141, highest level since 2008 financial crisis

CNBC ^ | April 2, 2026 | Spencer Kimball/Pippa Stevens

[AAABEST]

The spot price for current physical cargoes of Brent crude oil soared Thursday to $141.36, the highest level since the 2008 financial crisis, according to S&P Global, which tracks the data.

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TOPICS: Business/Economy; News/Current Events
KEYWORDS: actual; cargo; greatjobbrownie; oil; price

[AAABEST]

This is the spot price of an actual barrel of Brent Crude on the open market, as opposed to what we see represented futures markets. The latter went up 12% since Trump's speech last night.

It *will make its way to the pump, with Europe and Asia getting f'd much harder than us.

Trust the plan... for the highest spot prices since Obama. It's 5D chess.

[Fuzz]

Obama wasn’t president in 2008.

[MotorCityBuck]

For those interested in tracking prices.

I provide this site.

https://oilprice.com/oil-price-charts/#WTI-Crude

[frank ballenger]

Thank you. Always nice to have facts to mix with rumor and slanted news reports.

[butlerweave]

They’ll grab the money while they can

[MotorCityBuck]

My pleasure. +1

“Wheat from the chaff” is an idiom meaning to distinguish valuable or important things from worthless or irrelevant ones.

[fireman15]

$141 in 2008 dollars is worth $214 today... We still have a way to go to match the oil spike in 2008.

[Uncle Miltie]

We’re losing!!!!

Oh noes!!!

Gas will be expensive during a war in the Gulf, and we’d better run around and scream!

[Lazamataz]

We're all gonna die!!!!

[shotgun]

Could be the oil companies know theprice will drop soon so why not run it has high as they for the time being

[Libloather]

I’ve gotta BOGO coupon. Gonna whip that out one day.

[Vermont Lt]

It will take care of itself…..

[DesertRhino]

“$141 in 2008 dollars is worth $214 today... We still have a way to go to match the oil spike in 2008.”

Well played, you managed to also show us how bad inflation has hit since then. My turn, in Sept of 2008 the national debt was around 10.5 trillion. Now it’s pushing 40 trillion!

I feel so much better about 141 Brent Crude on the hoof now....

[kaktuskid]

It is time for a temporary freeze on diesel prices....diesel is the life blood of transportation, ag ,and construction-and is the reason for high grocery and shipping prices.

Drivers can use less gasoline, trucks, trains and tractors can’t.

[Magic Fingers]

“$141 in 2008 dollars is worth $214 today... We still have a way to go to match the oil spike in 2008.”

You’re going to spoil the TDS’ers’ gloat-fest with information like that.

[Uncle Miltie]

So price controls!?!?!

Will you be our price commissar?

Because you’ll be fair.

[know.your.why]

$111/bbl. Same for the reference that I use: https://www.bloomberg.com/markets/commodities

[MotorCityBuck]

Nice. +1

Bette to know than guess I say.

[know.your.why]

Why tf doesn't NATO smash the terrorist regime in Iran that is holding the economies of the world hostage?

This from Grok:

The price of oil spiked sharply on April 2, 2026, with West Texas Intermediate (WTI) crude jumping over 11% (briefly nearing $114 per barrel) and Brent crude rising nearly 8% (to around $109–$111).

Primary Cause: Geopolitical Tensions in the Iran Conflict The main driver was renewed fears of prolonged disruption to global oil supplies stemming from the ongoing U.S.-Israel conflict with Iran, now in its roughly fifth week. A key trigger was President Donald Trump's primetime national address on April 1–2, in which he vowed continued U.S. attacks on Iran over the "next two to three weeks," offered no clear timetable for ending the war, and urged other nations to help reopen shipping routes without signaling de-escalation.

This reversed earlier market optimism (from hints of a possible quick resolution) and sparked aggressive short-covering and risk repricing among traders.

Underlying Supply Risk: Strait of Hormuz The deeper issue is the effective closure (or severe restriction) of the Strait of Hormuz, a critical chokepoint through which about 20% of the world's traded oil normally flows. Tanker traffic has been heavily disrupted for weeks due to the conflict, with attacks, threats, and security risks paralyzing flows. Even partial recovery has been slow, creating one of the largest supply shocks in oil market history.

This has kept prices elevated in the triple digits since early March, with the April 2 surge amplifying the premium for near-term deliveries.

[posterchild]

We will! I just hope Trump doesn’t feel the need to pander to the portion of our country which will turn into a blubbering mass of tears over a few dollars more per fill up or if their 3 egg omlet costs a few dollars more.