The Brent crude spot price hit $141.36 per barrel - the highest level since the 2008 financial crisis. The sharp increase is driven by the Iranian blockade of the Strait of Hormuz.

The spot price exceeds June futures ($109.03) by $32.33. The founder of Energy Aspects noted that financial markets mask the real tension. Diesel in Europe is approaching $200 per barrel.

The Chevron CEO warned that futures trade on bad information and perception. The geopolitical crisis is pushing oil prices to new records.