If you look at the futures price of Brent Crude oil on Tradingview it's only at about $100 right now. At its highest in March, Brent reached $119. Knowing the disruption of oil flows through the Middle East, and the months of drawdown from global inventories, it makes no sense that oil should trade below what it was in March.
While the paper market tries to downplay the situation, the real price of physical oil is actually approaching previous highs fast. Last Tuesday Spot Brent actually reached $130, which was a $21 premium over the paper market.
This is not something to ignore. It will affect inflation, bonds, and your stock portfolio too.
Source: [https://fred.stlouisfed.org/series/DCOILBRENTEU](https://fred.stlouisfed.org/series/DCOILBRENTEU)