North Sea Oil Hits Record $147 as Hormuz Supply Constraints Trigger Global Crunch

North Sea Forties Blend hit a record physical spot price of $147 per barrel, eclipsing its 2008 peak amid severe supply constraints. This price surge drove Norway’s oil export earnings up by 67.9% year-on-year in March to a record 57.4 billion kroner ($6.1 billion). During this period, Norway exported 56.6 million barrels, averaging nearly 2 million barrels per day at a monthly record price of $107.52 per barrel. While the United States and Iran recently announced a two-week ceasefire, Goldman Sachs maintains that Brent Crude could average above $100 through 2026 if the Strait of Hormuz remains volatile. These record-breaking figures from Norway highlight the massive financial impact of the supply crunch on non-OPEC producers. Previously, BP also flagged exceptional trading performance, underscoring the broader market shift toward high-cost physical barrels.