🔥 $120 BRENT IS JUST THE HEADLINE — WHAT ABOUT ENERGY EARNINGS QUALITY? While Brent crude rockets past $120 on Iran's ceasefire collapse and every trader piles into oil plays, here's the forensic reality check nobody's talking about. Sure, the energy giants are printing massive revenues — , — but scratch beneath those headline numbers and you'll find a different story entirely. $XOM's net margin just collapsed from 10.8% to year-over-year. $CVX fared even worse, plummeting from 10.3% to . Here's the kicker: this war premium is inflating top-line revenues while bottom-line profitability craters. The market's chasing the wrong metric. Higher oil prices don't automatically translate to better earnings quality — in fact, we're seeing the exact opposite. Everyone's buying the energy narrative, but the forensic data screams caution. Revenue growth means nothing when margins are in free fall.

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