European and African Crude Oil Prices Surge Amid Supply Disruptions Despite Ceasefire
European and African crude oil prices have reached record highs due to ongoing supply disruptions, despite a recent U.S.-Iran ceasefire. The announcement of the ceasefire initially led to a significant drop in oil futures, with Brent and WTI contracts falling by 13% and 16% respectively. However, the physical market prices have continued to rise, driven by the near-closure of the Strait of Hormuz and attacks on regional energy infrastructure. The premiums for crude oil cargoes have hit all-time highs, with North Sea Forties crude reaching $146.43 per barrel. The divergence between futures and physical market prices highlights the persistent supply challenges. 
