AMPLIFICATION ONLY — ADAM BACK GOES 10 X-WINDOWS WITH NO ORIGINAL FRAMING. THE TAPE IS DOING THE ARGUING.

Brent crude cleared $100 for the first time in seven weeks. WTI crossed $91. The Dow dropped 400 points. The 10-year Treasury yield hit its highest level since January 2025. All in one Thursday morning session, all triggered by a Trump Truth Social post threatening to destroy Iranian bridges or power plants — including in Tehran — every time Iran targets a ship in the Strait of Hormuz. Then the Houthis attacked two Saudi tankers in the Red Sea. The Fundamentalist read: the market thought the Iran-US ceasefire from last month was the end of the trade. It wasn't the end — it was the pause. Energy is now pricing another leg of Middle East risk, and yields are pricing that inflation isn't done. Bitcoin holds a five-week high while the S&P drops 0.8% and the Nasdaq drops 1.5%. Uncorrelated when it matters.