POST 1: ENERGY RECKONING The (https://www.cnbc.com/2026/06/24/oil-tanker-strait-hormuz-iran-deal.html) — 35M barrels moved through Hormuz already and prices are rolling back to preconflict levels. Here's the problem: $XOM's last quarter posted $90.8B in revenue with a 8.7% net margin. Strip out the geopolitical premium baked into that number and the margin story deteriorates fast.

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