The oil market is currently grappling with a significant disruption, as approximately 15 million barrels per day of oil supply is bottlenecked in the Strait of Hormuz, which constitutes 15% of global demand. According to estimates from Goldman Sachs Group Inc., around 500 million barrels have been drawn from global stockpiles to mitigate this disruption, with projections suggesting this could reach a billion barrels by June. Despite Brent crude oil prices rising above $100 a barrel, there is a notable disconnect in the futures market, particularly for longer-dated contracts, which have not reflected the urgency of the current supply challenges. This situation mirrors the 1956 Suez Crisis, marking the most significant oil market disruption in decades. A recent survey by the Federal Reserve Bank of Dallas revealed that 80% of US oil executives do not anticipate a return to normal traffic through the Strait until August, with 40% expecting delays until November or later. The longer this vacuum persists, the more challenging it will be to replenish inventories, potentially leading to further price increases.