Google searches for "price of oil" just hit a record high: 300% above the 2022 Russia-Ukraine war peak and the 2008 financial crisis combined.
20 years of data. Every war, every crash, every crisis... all dwarfed by a single vertical line in 2026. The whole world is watching the pump. Source: Arbor Research, Mario Nawfal on X
Weekend negotiations in one cartoon
Source: Guy Venables
Reminder water depths are critical and why there are only narrow shipping lanes thru Strait of Hormuz for fully laden tankers.
There is no way to avoid the the narrow gap for loaded tankers. Source: Dan Tsubouchi
This chart says it all: US tech valuations have compressed from 40x to 20x Forward P/E in weeks.
Tech valuations are now LOWER than they were when ChatGPT was announced. As the Iran War drives markets lower, AI is only getting bigger. A buying opportunity? Source: Apollo, The Kobeissi Letter
Don Tzu: Break an enemy blockade by blockading their blockade.
Source: Alex Christoforou
The idea of gold as a global “VIX hedge” doesn’t hold up. During the latest volatility spike, it moved in the opposite direction.
Source: The Market Ear
The S&P 500 was up for the seventh day in a row today - its longest win streak since Oct 2025...
Source: www.zerohedge.com, Bloomberg
The war with Iran has done further damage to the global dollar system.
The demise of the dollar’s dominance won’t be an overnight phenomenon, but the conflict in the Middle East is one more milestone along the way. That can be seen in central bank holdings of gold exceeding valuation-adjusted dollar reserves for the first time in the Bretton Woods II era. Source: Bloomberg, Macrobond
