Oil's Slide Belies a Long Physical Tail Into 2027

Crude is sliding — but the physical scars run deep. Brent spiked 67% to an intraday $120 on the Strait of Hormuz closure before pulling back on de-escalation, and the Brent-WTI spread plus energy-stock underperformance now point lower. Why it matters: The near-term price drop supports the consumer and the broadening equity trade, yet a structurally firmer, more backwardated curve and recurrent volatility could persist...