Brent crude oil prices remain elevated, trading at premiums exceeding $25 per barrel above futures prices, primarily due to severe supply disruptions stemming from geopolitical tensions in the Middle East. The International Energy Agency (IEA) reports that approximately 13 million barrels per day of global oil supply has been affected by the Iran conflict and the blockade of the Strait of Hormuz. This chokepoint, which typically sees 120-140 vessels daily, has seen numbers plummet to fewer than 10 during heightened hostilities. The US, while the largest crude oil producer, is facing a mismatch in refinery capabilities, leading to significant changes in import and export dynamics. In the week ending April 10, US crude imports fell by 1.03 million barrels per day to 5.29 million barrels per day, while exports rose by 1.08 million barrels per day to 5.23 million barrels per day. As a result, net imports dropped to just 66,000 barrels per day, the lowest since records began in 2001. Looking ahead, analysts suggest that if tanker traffic resumes by late April or early May, the premium on Dated Brent could decrease significantly, although full normalization may take longer due to ongoing infrastructure challenges.