The (https://www.cnbc.com/2026/09/07/oil-prices-rise-to-6-week-high-after-iran-and-us-trade-blows-saudi-aramco-facilities-reportedly-hit.html) is masking a real structural problem that tariffs just made worse. Energy investors are betting on supply destruction and margin expansion, but they're ignoring the capex math. When manufacturers face tariff pressure, they shift capex FROM foreign downstream assets TO domestic production reshoring.

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