* Physical Forties crude hits record $148.87

* Supply disruptions seen persisting despite ceasefire

* Repsol CEO says physical transactions are under a lot

of strain

(Adds context and Repsol CEO comment from paragraph 2)

LONDON, April 13 - European crude oil prices climbed to

a record high near $150 a barrel on Monday as the U.S. plan to

blockade the Strait of Hormuz added to concern about tight

supplies.

The price of Brent crude futures for June delivery LCOc1rose

6% to more than $100 a barrel as the U.S. Navy prepared to block

ships to and from Iran via the Strait of Hormuz in a move that

could restrict Iranian oil exports after Washington and Tehran

failed to reach a deal to end the war.

This is far short of Brent's all-time high of $147 a barrel

set in 2008.

However, the price of physical crude cargoes for immediate

delivery is significantly higher as the effective closure of

Hormuz has sent buyers in Europe and Asia scrambling to secure

supplies. The outright price of North Sea Forties crude reached $148.87 a barrel on Monday, LSEG data showed, exceeding

its 2008 peak.

Repsol CEO Josu Jon Imaz commented on the premium at which

physical cargoes are trading to the prices fetched on financial

markets at an event on Monday.

"Physical transactions are under a lot of strain," he said.