S&P 500 ▲ 7,431.46 (+0.7%) · Brent ▼ $87.33 (−6.2%) · Gold ▼ $4,215.00 (−2.8%) · VIX ▼ 17.7 (−17.8%) · 10Y UST ▼ 4.49% (−1.1%)
Fourteen months into the Iran war, Brent crude fell 30 per cent from its conflict peak to $87. No diplomat negotiated the drop. Dark transits, collapsing Chinese imports, and record US exports routed around the Hormuz blockade.
Wh…