SOURCES — The Physical Oil Premium Collapse (May 26, 2026)

Physical premium collapse + $150 crude + analyst quotes:
https://oilprice.com/Energy/Crude-Oil/Why-Physical-Crude-Premiums-Collapse-Despite-the-Hormuz-Crisis.html

Brent futures (paper oil, live):
https://tradingeconomics.com/commodity/brent-crude-oil

EIA weekly Brent spot price (physical benchmark):
https://www.eia.gov/dnav/pet/pet_pri_spt_s1_w.htm

EIA weekly SPR levels:
https://www.eia.gov/dnav/pet/pet_stoc_wstk_dcu_nus_w.htm

Europe jet fuel (Politico, May 2026):
https://www.politico.eu/article/eu-jet-fuel-supply-crisis-iran-war-hormuz-risk-airline-industry/

Saudi East-West Pipeline (Petroline) capacity and history:
https://en.wikipedia.org/wiki/East%E2%80%93West_Crude_Oil_Pipeline

UAE Habshan-Fujairah pipeline capacity:
https://en.wikipedia.org/wiki/Habshan%E2%80%93Fujairah_oil_pipeline

TankerTrackers Hormuz transit data (via OilPrice.com, May 2026):
https://oilprice.com/Latest-Energy-News/World-News/

EIA Brent spot vs ICE Brent futures spread verification (workspace-calculated):
April 17: $114.43 spot vs $90.38 futures = $24.05 spread
May 1: $119.63 spot vs $108.17 futures = $11.46 spread
May 8: $105.88 spot vs $101.29 futures = $4.59 spread
May 15: $110.53 spot vs $109.26 futures = $1.27 spread

All EIA/Futures data cross-verified against yfinance (BZ=F) and EIA API.