Energy
North Sea Oil Fetches Discount for First Time During Iran War
An offshore oil drilling platform in the North Sea.
Photographer: Carina Johansen/BloombergA North Sea oil grade that’s central to setting the world’s most important physical crude price traded at a discount for the first time during the Iran war, as immediate fears ease of a supply shock in Europe.
The key Forties grade, one of several that help to decide the price of Dated Brent, traded at a discount to the benchmark of 30 cents a barrel on Tuesday. It previously did so on Feb. 27, the day before the war began and Iran responded by closing the Strait of Hormuz, choking hundreds of millions of barrels of global supply.