⚠️ ENERGY SHOCKS BREAK MARKETS (AND NOBODY IS WATCHING) Energy shocks have often preceded crises. 2000: Oil +35% → Internet crash 2007: Oil +30% → Housing crisis 2025: One of the strongest increases since 1980 What this changes: .Inflation stays high .Corporate margins come under pressure .Consumers slow down .Central banks get stuck .The Fed cannot cut rates if inflation is driven by energy. So if: Growth ↓ Inflation ↑ → That’s when it becomes dangerous. The question is not: “Is oil going up?” The real question is: “What is it going to break this time?”