“The world has become too dependent on a single source and it’s high time to break that dependency.”

The next 24-36 hours matter... as rhetoric hits a few reality snags...

"The silver lining is that there was only one satellite on board, whereas..." 

...an insurance company flagged a suspicious claim where the defendants said a bear entered their 2010 Rolls-Royce Ghost in Lake Arrowhead, California, and caused interior damage...

"While the developments from the weekend certainly cooled the optimism, it did not derail it completely. Markets keep expecting a near-term solution which will allow energy to flow again."

Dealers short gamma on the way up. Flows still buying. That’s a fragile setup.

“He is taking the public for fools...”

US stocks have rapidly moved from being undervalued to overvalued relative to fundamentals...

Calls for comprehensive ceasefire...

"... accelerates psychedelics as the key next wave of mental health treatments."

On the backside of this bull market, we’re going to see relentless selling by Baby Boomers. They own too much stock and too many big houses. There are not enough young people to buy them all unless they get way cheaper.

Oil vol is still pricing ~4–5% daily moves. Equities still in “don’t care” mode.

"Possible damage and casualties are now being looked into." 

The mathematics of energy have flipped, and with them the balance of coercive power in the Persian Gulf.

"...the Iranian crew refused to listen, so our Navy ship stopped them right in their tracks by blowing a hole in the engine-room. "

Iran reversed the brief reopening of the Strait of Hormuz and said the waterway had returned to “strict control” after accusing the US of not meeting its obligations and refusing to lift the blockade on Iranian ports, with at least three attacks reported on commercial ships following the re-closure.

The U.S. leads today but ranks second (to China) when planned projects are included...

Long-term refinery closures and rising import dependence have left Europe highly exposed, with limited alternatives and growing competition from Asia...