The price spread between Brent crude oil, the European benchmark and West Texas Intermediate crude oil, the U.S. benchmark, widened sharply because of the loss of Libyan crude oil production.

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"We need a better global benchmark for crude oil than the Brent marker, " said Torbjorn Kjus, oil market analyst at DnB NOR.

WSJ: Brent Benchmark Is Skewed by Crude Measure

Indeed, Brent has gained in dominance in recent years as investors have moved away from West Texas Intermediate, the U.S. crude oil benchmark.

WSJ: Brent Benchmark Is Skewed by Crude Measure

Energy shares took an especially heavy hit in Asia after benchmark U.S. crude-oil futures plunged 2.6% in New York trading Thursday.

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Brent crude, the oil benchmark, has gained nearly 12% since the end of June, while natural gas has dropped 1.3% and coal has dropped more than 10%.

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Brent crude's position as the accepted benchmark for pricing most of the world's oil is coming under fire, as experts in the oil market say the blend doesn't reflect true global supply and demand.

WSJ: Brent Benchmark Is Skewed by Crude Measure

Bakken crude even trades at a discount to West Texas Intermediate (WTI), the benchmark oil for the US set by prices in Cushing, Oklahoma.

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But US oil prices are subdued, having lost their long-time link with the Brent crude benchmark.

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