MADRID: Physical crude oil ​prices hit $140 ⁠per barrel last ‌week, well above the prices ​fetched on financial markets, Repsol CEO ​Josu Jon ​Imaz said on Monday.

"What happens is that if ⁠I used to buy crude oil, where the base reference was ​Brent ‌minus $3, Brent ⁠minus $4, ⁠now it's being bought, especially in Asia, ​at ‌Brent plus $20, Brent ⁠plus $25 per barrel," Imaz told an event in Madrid.

"Physical transactions are under a lot of strain," he added, alluding to the ‌supply crisis sparked by the ⁠U.S.-Israeli war on Iran ​and subsequent blockade of the strategic Strait ​of ‌Hormuz. (Reporting by Pietro ⁠Lombardi; Editing ​by David Latona)