Oil isn’t supposed to be the story in 2026. The macro narrative powering “cuts soon, liquidity soon” trades relies on disinflation staying intact. However, Brent jumped 4.35% to $70.35 on Feb. 18, and WTI surged 4.59% to $65.19 after headlines revived the risk of a US-Iran conflict and Russia-Ukraine talks ended without breakthroughs. This isn’t
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