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Macro Muse · July 28, 2026
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Your oil price is up 18% and the Fed chair can't get through dinner without a fight

WTI crude up 18% in under two weeks. Iran's closure of the Strait of Hormuz triggered a historic oil supply shock, sending WTI on an 18% round-trip swing, with ongoing debate about whether the price spike will persist or fade as inflation swaps traders treat it as transitory.

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