Sri Lankan buyer paid $286 for barrel of oil, as actual prices diverge from markets

The actual price of oil in Asia is soaring far beyond market benchmarks due to a US-Israeli war on Iran, with one Sri Lankan buyer reportedly paying $286 per barrel. According to HSBC's CEO, this divergence is caused by Iran's control of the Strait of Hormuz and a responsive US blockade on Iranian exports. Factors like scarcity, along with massively increased shipping and insurance costs, are driving up the final price for buyers. The conflict has also led to threats from Iran to close the Red Sea, further destabilizing global energy supplies.