Earlier stabilization was driven by crude cooling back into the $80s, but the renewed spike shows how sensitive markets remain to potential supply disruptions around Hormuz.
If oil pushes toward $100 alongside rising volatility or widening credit spreads, the shock could propagate again. Otherwise this likely remains a rotation-driven digestion phase rather than systemic stress.
The key variable remains energy.
Earlier stabilization was driven by crude cooling back into the $80s, but the renewed spike shows how sensitive markets remain to potential supply disruptions around Hormuz.
If oil pushes toward $100 alongside rising volatility or widening credit spreads, the shock could propagate again. Otherwise this likely remains a rotation-driven digestion phase rather than systemic stress.
Agreed energy remains the key transmission channel.
If crude stabilizes, markets can digest the shock.
If it pushes toward $100 with volatility rising, the pressure likely propagates again.