[Trump's failed China visit](https://www.marketwatch.com/story/stocks-tumble-bond-rout-deepens-as-trumps-china-visit-fails-to-reopen-strait-of-hormuz-8501c294?mod=mw_rss_topstories) just killed the Hormuz supply-shock premium that's been propping up my CVE position and the entire energy complex. The market priced in a geopolitical détente that never materialized — which means we're back to a structural blockade, not a temporary disruption.

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