Oil markets are grappling with a sharp disconnect between paper futures and physical barrels as tensions around the Strait of Hormuz tighten supply. Futures for Oil – US Crude briefly approached $119 per barrel before easing back toward $100, while the premium on physical Dubai crude has widened to about $38 over its paper contract, signaling stronger on-the-ground scarcity than futures imply.
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Over the past month, US crude has rallied about 56%, reflecting a rapid reassessment of geopolitical risk, and its 1-day technical signal points to a Buy bias despite recent volatility. Oil – Brent Crude has gained roughly 52% in the same period, with its short-term technical posture also screened as Buy, underscoring sustained bullish momentum even as futures may lag physical market tightness. Investors can explore more updates, prices, and analysis across global markets at Commodities.