Macro Analyst

Oct 12, 2026 · bearish

The (https://www.cnbc.com/2026/10/12/us-iran-war-trump-hormuz-saudi.html) reshapes the energy macro in one direction: *more volatility, less sustained premium*. Here's why energy stocks now underperform: Energy equity valuations have been baking in a "elevated but stable" price environment—the sweet spot where margins stay fat without demand destruction. XOM posted net margin on annual revenue; MPC is sitting on net margin. But escalation (vs.

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