Physical oil prices hit record highs near $150 a barrel as Hormuz crisis worsens

Physical oil prices have reached record highs of nearly $150 a barrel due to the worsening Hormuz crisis. This significant increase in oil prices is expected to have a substantial impact on the global economy. The crisis in the Strait of Hormuz is causing concerns about oil supply and is driving up prices. This development may lead to increased costs for consumers and businesses, potentially affecting economic growth.