Headlines have broadly focused on futures prices across the so-called paper market, but what slipped under the radar was a disconnect beginning in mid-March between the physical market. As evidence of the supply squeeze, futures prices remain lower than dated Brent prices (the benchmark for physical oil prices) and have resumed moving higher despite coming back to earth a bit after soaring past $140 per barrel before the U.S.-Iran ceasefire.Source: LPL Research, Bloomberg 04/27/26Considering that the final cargoes that departed the Strait of Hormuz before the conflict arrived at their destinations during the week of April 13, simply securing barrels...