The oil market crisis is far more severe than headline prices suggest, as Gulf crude benchmarks explode while Brent and WTI remain subdued. Oman benchmark oil has surged to a record $173.24, Dubai crude also hitting unprecedented levels according to LSEG data. This reflects desperate Asian refiners paying premium prices for Gulf barrels bottlenecked in the Strait of Hormuz. Meanwhile, May Brent and WTI contracts trade lower due to expected supply from strategic reserves, creating a stark divergence between Atlantic and Gulf markets.

JPMorgan analysts warn this Gulf price surge captures marginal scarcity more effectively than traditional benchmarks, signaling potential contagion to global prices if the strait isn't reopened soon.