Global markets have transitioned from a tactical stabilization phase into a reactive, energy-driven regime.
The key shift since mid-April:
➡️ Oil is no longer just supportive — it is driving cross-asset repricing
Core Themes:
- Escalating geopolitical risk (Middle East-driven)
- Oil acting as the dominant macro variable
- Repricing of inflation expectations عبر assets
- Institutional positioning remains cautious and selective
Bottom Line:
Markets are not structurally bullish — they are absorbing an external shock under fragile conditions.