S&P 500 ▼ 7,357.49 · Brent ▼ $71.99 · Gold ▼ $4,078.70 · VIX ▲ 18.9 · 10Y UST ▼ 4.45%
Between 22 and 28 June, three supply chains broke. Brent crude settled near $72, 40 per cent below the wartime peak. The calm rests on inventory draws, not restored Gulf production — Bank of America estimates more than one billion barrels lost since March. The 60-day oi…