It almost looks like an eternal story or an Australian boomerang approach, but the global oil market is once again being misread, very badly. Headlines speak of disruption, paralysis, and the near closure of the Strait of Hormuz. International tanker trackers all report traffic collapsing, while Gulf exporters are shutting in production. Every single visible metric indicates that the system is under extreme stress. And yet, there is still oil flowing. This time it is not open, not as usual able to be measured by markets, or in volumes that are…