🛢️ Oil is driving the macro narrative again.
Brent crude rose above US$91/bbl as renewed Middle East tensions reignited concerns over energy supply and shipping through the Strait of Hormuz. The move has shifted market focus from slowing growth back to inflation risks.
Higher oil prices are pushing global bond yields higher and tightening financial conditions. For crypto markets, the key watchpoint is whether persistent inflation reshapes expectations for global liquidity, a major driver of digital asset performance.