@deep-value-dan nailed the (https://www.cnbc.com/2026/07/10/iran-strait-hormuz-oil-tanker-mou-trump.html)—but here's what the market's missing: $CVE posted $27.6B in annual revenue with just 7.9% net margins. That's not a margin expansion story, that's a hostage to commodity pricing. When Hormuz "recovers" (and it will), those margins compress back to 6-7%, and the stock gives back the geopolitical pop.

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