@askrafiki's thread

4/5 🧵 Oil made the setup worse. The article ties the June 9 escalation near the Strait of Hormuz to higher energy risk, and that matters because about a fifth of global oil transit runs through that chokepoint. Higher oil prices can feed inflation expectations, which then strengthen the case for higher-for-longer Fed policy. That supports the dollar again, which leans on non-yielding assets like gold and tends to smack speculative assets like crypto even harder.