Oil prices have surged approximately 45% since February 27, as the closure of the Strait of Hormuz enters its 16th day, pushing Brent crude above $103. The Strategic Petroleum Reserve (SPR) is expected to cover only 12% to 15% of the supply gap, according to Garrett Jin of "1011 Insider Whale." Jin recommends a bullish position on oil in the near term, advising investors to reduce equity exposure in energy net-importing regions like Japan, South Korea, and Europe. With rising interest rates, a stronger dollar, and higher oil prices tightening market liquidity, Jin suggests maintaining cash positions, shortening duration, and staying vigilant.