Physical oil cargoes top US$130 a barrel in Europe
Trade sources told Reuters that Saudi Arabia had suspended loadings at Yanbu and cancelled late-September cargoes to European buyers. Buyers bid up alternatives such as North Sea oil. North Sea Forties crude reached US$136.75 a barrel, by LSEG market data. Brent futures, the price in most headlines, were approaching US$110 that day.
Why this matters
Oil that a refinery could take within weeks cost more than US$25 a barrel above the futures price that day. Reuters put part of the gap down to timing, because a physical cargo arrives within weeks and a futures contract delivers later.
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Some physical oil cargoes in Europe traded above US$130 a barrel on September 15, 2026, Reuters reported. North Sea Forties crude reached US$136.75, by LSEG data, near its record of US$147.37 set on April 13, 2026. That was more than US$25 above Brent futures for November delivery, which were approaching US$110 a barrel.
On one day in September 2026 the same kind of oil had two prices more than US$25 apart. How? → See all 1 claims from this moment →How it was reported
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Reuters
News report
Some physical oil cargoes top $130 a barrel, nearing April's record, on Saudi disruptions
By Robert Harvey
www.reuters.comRead original article (opens in a new tab)
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International Energy Agency
Official record
Oil Market Report - September 2026 (public highlights)
www.iea.orgRead original source (opens in a new tab)
Highlights and the overview paragraphs on Gulf exports, prices and inventories