On April 13, 2026, physical oil prices soared to $148.87 per barrel, driven by immediate supply shortages linked to the escalating crisis in the Strait of Hormuz, a vital chokepoint for global oil supply. This surge highlights a significant divergence from Brent crude futures, which are hovering just above $100. As tensions between the U.S. and Iran escalate, refiners in Europe and Asia are scrambling for alternative crude sources, pushing prices for immediate delivery to unprecedented levels. The crisis has severely disrupted oil shipments, leading to a bidding war for available cargoes. Logistical challenges, including tight tanker availability and rising insurance costs, are further exacerbating the situation. Additionally, refined products such as jet fuel and diesel are experiencing sharp price increases, with jet fuel nearing $200 per barrel. Analysts warn that if the crisis continues, physical oil prices could surpass $150, impacting global inflation and consumer spending. The volatility in oil prices is also affecting financial markets, with energy stocks rising while fuel-dependent sectors face pressure.