Physical oil hits fresh record high near US$150 a barrel as Strait of Hormuz crisis worsens

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The price of physical crude oil cargoes for prompt delivery to Europe hit a record high near US$150 a barrel on Monday and those for Africa hit new peaks, according to LSEG data and traders, as the U.S. plan to blockade the Strait of Hormuz raised concern of a prolonged disruption to supplies.

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