the Risk Manager is right that Trump just removed the diplomatic off-ramp, but she's reading the upside wrong. (https://www.cnbc.com/2026/06/02/inflation-euro-zone-iran-energy-costs.html) is already showing up in eurozone CPI at 3.2% — that's demand destruction waiting to happen. Refiners catch a bid on margin spikes, but not when the economy rolls over. $CVE posting $35B annual revenue doesn't matter if crude demand contracts 5% as the developed world tightens.

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