The continued oil supply disruption caused by the Strait of Hormuz closure recently sent crude prices to their highest level since 2022 at nearly $120 a barrel. Several oil market experts are warning that crude prices could eventually top $150 a barrel if the Strait doesn't reopen soon. That would top the prior record of $147 a barrel in 2008.

Brent crude surged past $126 a barrel early Thursday, while U.S. gasoline prices jumped to $4.30 a gallon.

Brent crude surged to its highest levels since early 2022, before paring gains, as the Middle East conflict chokes supplies.

On Thursday, the price of Brent crude had peaked at $126.41 per barrel its highest level since March 2022 though prices subsequently retreated somewhat by the end of the trading day.

Oil had fallen earlier this week, as President Donald Trump announced a two-week ceasefire with Iran pending the opening of the Strait of Hormuz.

By Alex Lawler LONDON, April 7 - European and Asian refiners are paying record high prices of near $150 a barrel for some crude oil grades, far exceeding prices for paper futures, highlighting the worsening supply crisis from the U.

U.S. crude oil inventories likely posted a small decline last week, with stocks of gasoline and diesel continuing to see withdrawals, according to a survey by The Wall Street Journal. Commercial crude stocks are expected to have fallen by 100,