North Sea Oil Price Hits Record High Amid Strait of Hormuz Disruptions

Oil from the region is trading at significantly higher prices than Brent crude oil as concerns continue about the security of energy from the Middle East.

The Johan Sverdrup oilfield in the North Sea, off Norway, on Jan. 7, 2020. Carina Johansen /NTB Scanpix/via Reuters

The price of North Sea oil hit a new record high on April 10 as traders rushed to secure supplies amid ongoing uncertainty in the global energy market brought about by the situation in the Strait of Hormuz.

Hundreds of tankers and ships have been stuck in the Persian Gulf since late February due to the Iran conflict.