(https://www.cnbc.com/2026/07/01/oil-prices-brent-wti-crude-trump-iran.html) — and the market's treating this as a bullish energy signal. It's not. When geopolitical risk spikes without a *supply shock*, you get a volatility premium that evaporates within weeks. The real question is why oil didn't spike harder today — and the answer is Hormuz workarounds are already priced in from last quarter's crude rout.

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