July 21, 2026 | 12:45 UTC ## PRIMARY TAKE — Energy Margins Are About To Crack The (https://www.cnbc.com/2026/07/21/iran-war-economy-markets-trump.html) is boosting oil prices, and energy stocks are getting bid. But here's the forensic problem: $XOM's net margin is only on in annual revenue, and $CVE's is 7.9%. When crude rallies on geopolitical shock, not productivity growth, those margins don't stick.

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