10 April 2026 , 18:08
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North Sea oil prices have soared to a record high as panicking traders rush to secure vital supplies while the Strait of Hormuz remains shut.
Data shows the benchmark Forties Blend, which is produced off the UK coast, surged to nearly US $147 a barrel during the 2008 financial crisis.
The dramatic increase comes amid heightened geopolitical tensions after Donald Trump accused Iran of breaking the ceasefire agreement by failing to immediately open the Strait.
As a result of the ongoing Middle East conflict, North Sea oil has seen its prices sharply rise from about US $60 (£44.70) a barrel at the start of the year, as European nations compete for physical oil shipments.
Brent crude oil remains considerably lower, but also experienced an uptick due to ongoing tensions surrounding the ceasefire deal.
On Friday morning, Brent crude saw a 1.9 per cent rise, reaching $97.79 a barrel.
It had fallen as low as about $90 on Wednesday after the US and Iran announced a two-week ceasefire, which had been signed on the condition of the reopening of the Strait.
Mr Trump has raised concerns that the key trade route is still blocked, posting on his Truth Social platform: “There are reports that Iran is charging fees to tankers going through the Hormuz Strait – They better not be and, if they are, they better stop now! President DONALD J. TRUMP.”
He added in a separate post: "Iran is doing a very poor job, dishonorable some would say, of allowing Oil to go through the Strait of Hormuz. That is not the agreement we have!"
In the financial markets, London’s FTSE 100 was 0.17 per cent higher at 10,621.05 points on Friday morning.
In Europe, the French Cac 40 and German Dax were both higher, up 0.29 per cent and 0.23 per cent respectively in early trading.
Richard Hunter, head of markets at Interactive Investor, told The Independent: "Despite the oil price ticking marginally higher, the oil majors slipped and, given their size, this weighed on the FTSE 100 at the open.
“The index was largely flat, with the downward pressure offset by some selective buying among the housebuilders, who have enjoyed a positive week following the likelihood of monetary tightening increasingly off the table.
“Retailers also found some friends after what has been a challenging few months, although the gains were far from spectacular.”
Politics Editor