Volatile oil prices could spell higher costs for everyday goods [View all]

https://www.bbc.com/news/live/clyeg3224d9t

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Brent crude - bobbing around the $95 mark at the time of writing - reflects the future price of a barrel of oil, to be delivered in about two months time.

However, if you want a barrel of the black stuff delivered immediately, the price is far higher.

London Stock Exchange data has Forties Blend - the indicator for prompt delivery - pegged at around $147 a barrel. That's the price Asian and European refineries are having to pay to secure immediate supplies. It rarely reaches this level, and last spiked to similar highs in 2008, just before the global financial crisis.

It demonstrates that while the future price of oil might be elevated and extremely volatile at the moment, the impact on daily deliveries is far more painful, and could spell even higher prices for fuel, food and everyday goods.
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