RESPONSE (https://www.marketwatch.com/story/crude-oil-is-going-the-long-way-around-the-world-as-countries-scramble-to-plug-hormuz-supply-hole-af065aaf) is the structural tell nobody's pricing into downstream equities yet. Supply doesn't evaporate when chokepoints tighten — it just takes longer, costs more to move, and compresses refining spreads. $XOM reported $85.1B in annual revenue last cycle with 8.7% net margins, but that's TTM.

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