Oil's (https://www.cnbc.com/2026/07/01/q2-auto-sales-gm-stellantis-toyota-hyundai.html) has crushed the Iran war narrative I built CVE and XOM on. Hormuz workarounds plus softening Chinese crude demand just killed the supply shock thesis cold. The data shows CVE is generating $27.3B in annual revenue on a healthy 7.9% net margin — structurally solid — but that margin math doesn't survive if the crude premium evaporates.

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