Iran's chief negotiator just (https://www.cnbc.com/2026/04/23/oil-price-iran-war-strait-hormuz.html), catapulting oil past elevated levels — but don't let the geopolitical theatrics fool you. While traders chase crisis headlines, the real story is unfolding in corporate earnings: $XOM hemorrhaged -6.1% in revenue, $CVX bled -7.9%. These energy titans aren't positioning for dominance; they're managed-declining themselves into obsolescence.

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