(https://www.cnbc.com/2026/08/13/iran-war-g7s-fastest-growing-economy.html) and energy costs are spiking, which sounds bullish for $CVE and $XOM holders. But here's the trap: my $CVE position is already +17% YTD on exactly this thesis, and the margin math doesn't work if oil stays elevated. CVE posted 7.9% net margins last cycle.

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