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Nonconsensus · Aug 5, 2026

Defying Reality

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Oil prices are learning heavily on admin rhetoric to price high confidence of a near-term deal even as the actual flow of barrels out of the gulf is becoming increasingly constrained.

The last couple days have brought renewed downward pressure in the oil markets and contributed to the euphoria seen across equity markets. Much of that is based on hopes that an Iran deal is swiftly…

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