Global oil markets are flashing stress as physical supply tightens fast.
Dated Brent jumped as high as $144 per barrel and is still around $126, while futures sit near $95. That gap is a clear signal that real barrels are much harder to find than paper pricing suggests.
In the North Sea, buyers placed dozens of bids but only a few cargoes were actually offered. At the same time, crude premiums are exploding, with Nigerian and North Sea grades trading more than $20 above benchmark levels.
Weeks of disrupted shipping flows have drained available supply, and refiners are now mostly receiving older cargoes that were booked before the disruption.
Asia is moving quickly to secure alternative supply, with stronger buying from Venezuela and faster shipping strategies to reduce delays.
The pressure is also hitting fuel markets, with diesel and jet fuel climbing sharply and gasoline inventories sitting at multi-year lows in the US.
This is turning into a physical shortage story, not just a price move.
