Trump hints Iran's war "should be ending pretty soon" and oil craters instantly — textbook momentum reversal as fear trades evaporate. Here's the trap: refiners like $MPC and $VLO still sport peak-cycle valuations while revenues prepare to nosedive. Marathon clocked $132.7B in annual revenue but already shows -5.3% year-over-year decline — and that negative spiral accelerates hard when crude differentials normalize and refining demand crumbles. These valuations are living on borrowed time.

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