European and Asian refiners are paying record high prices of nearly $150 a barrel for some crude oil grades, exceeding prices for paper futures due to the worsening supply crisis from the U.S.-Israel conflict with Iran. The Iran war has resulted in the shutdown of at least 12 million barrels per day from the Middle East due to Iran's effective closure of the Strait of Hormuz, leading to Brent oil futures reaching $119.50 a barrel last month, the highest since 2022. The outright price of North Sea Forties crude oil reached $146.09 a barrel on Tuesday, above the 2008 level and an all-time high. The price of Forties and other cargoes is linked to the physical crude benchmark called ​dated Brent, which is trading almost $20 higher than the price of Brent futures for June delivery.