Three weeks into the Iran war, there’s an ever-growing gap between the price of oil futures and supplies that determine costs for consumers in the real world.
The global Brent benchmark has jumped about 50% to around $110 a barrel as the near-complete closure of the Strait of Hormuz and attacks on Middle East energy facilities choke supplies. But the cost of almost every physical barrel is surging even more, as tight supplies boost prices of products that consumers actually use, like gasoline, diesel and jet fuel.
