Brent just ripped past $108 — up 3% today, nearly 50% above pre-war levels.

Goldman: global oil inventories draining at record pace. Persian Gulf disruptions aren't easing. Strait of Hormuz effectively closed. Jet fuel costs are wrecking airlines. Demand cracking harder than any time since COVID.

The 2026 thesis:

Does supply collapse first, or does demand destruction hit harder?

Brent is pricing both scenarios right now. This is macro volatility at its peak — energy markets will ripple into everything: inflation data, Fed policy, risk-on sentiment, and crypto liquidity.

Watch oil. It's the canary in the coal mine for the next leg of this cycle.