Retreat.
The oil price blasted through $119 over the weekend with the Strait of Hormuz still closed to traffic, forcing major producers to curb production with storage facilities full to the brim. Iran signaled no let-up in its reaction to being bombed by selecting a continuity hardliner as its new leader.
Asian stocks collapsed on Monday in response with Japanese equities entering an official correction. European markets also crumbled, with stocks giving up the entirety of their once-substantial 2026 gains and local interest rates soared.
US stocks are less impacted by energy prices, but still…
The skinny
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