A panicked race for barrels grips global oil market, price up as much as $140

While investors focused on the fragile Iranian ceasefire this week, a desperate scramble for cargoes has been playing out in the oil market, as traders and refiners scour the globe for immediately available supplies. In the North Sea, the world’s most important physical crude market, traders submitted 40 bids for cargoes this week, only four of which were met by offers. Cargoes for delivery in the coming weeks changed hands at unprecedented prices above $140 a barrel. Elsewhere, refiners have been hunting increasingly further afield for supplies, leading to a series of unusual trades and surging premiums for any oil…