Oil Prices Near $150 in Europe Amid Escalating Hormuz Crisis

Oil prices in Europe approached $150 per barrel.

Amid rising fears of global supply shortages.

As the United States plans a blockade of the Strait of Hormuz.

Brent crude futures rose by 6%.

Surpassing the $100 per barrel level.

As the US Navy prepares to restrict shipping.

From and to Iran.

After failed negotiations between Washington and Tehran.

Prices remain below the 2008 peak.

Which reached $147 per barrel.

However spot prices exceeded those levels.

Due to severe supply disruptions.