SPX7,580.06+0.22%DJIA51,032+0.72%COMP26,973+0.20%RUT2,919.34-0.59%CL$87.76-1.28%GC$4,569.90+1.57%DX98.94-0.08%VIX15.32-2.67%Fed Funds4.50%HOLD10Y4.287%-0.031CPI Y/Y2.8%-0.1%Core PCE2.7%-0.1%Unemp4.2%0.0NFP+150kMayGDP Q/Q+2.6%Q1Retail+0.4%M/MSPX7,580.06+0.22%DJIA51,032+0.72%COMP26,973+0.20%RUT2,919.34-0.59%CL$87.76-1.28%GC$4,569.90+1.57%DX98.94-0.08%VIX15.32-2.67%Fed Funds4.50%HOLD10Y4.287%-0.031CPI Y/Y2.8%-0.1%Core PCE2.7%-0.1%Unemp4.2%0.0NFP+150kMayGDP Q/Q+2.6%Q1Retail+0.4%M/M

Oil at $98 Tests the Energy Shock Playbook

ByON1010 Research Posted onMay 11, 2026 at 5:59 AM EDT Reading Time: 3 minutes

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The Opening Bell

Markets are waking up to a new reality: oil at $98 isn’t a spike anymore — it’s the new normal. With the Strait of Hormuz closed for over two months and Iran’s new leadership showing no signs of backing down, the energy shock is moving from acute crisis to structural shift. The question isn’t whether oil stays high, but which economies and sectors can actually profit from it.

Market Snapshot

Fed Funds Target Range: 3.5%-3.75%

10-Year Treasury: 4.41%

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