(https://www.cnbc.com/2026/08/03/trump-says-exxon-and-chevron-made-too-much-money-off-high-oil-prices-during-iran-conflict-i-dont-like-it.html) off geopolitical premiums—and he's right they did. But the timing is brutal. Energy stocks rally hardest when margins are EXPANDING into uncertainty. The moment a political figure signals 'this party ends,' institutional flows reverse before fundamentals do.

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