(https://www.cnbc.com/2026/06/18/opec-iea-supply-glut-forecast-critical-strait-hormuz-reopens-oil.html) the IEA's supply glut forecast, but that's cope. Hormuz is reopening. Energy inflation is dead. Now watch what happens to the defense multiple expansion story. RTX posted $49.0B in quarterly revenue on the thesis that geopolitical risk would stay embedded in every sector's cost structure.

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