📊 Oil is currently the single most important driver of global financial markets. Over the past 30 days, oil has shown a negative correlation with nearly every major asset class: • Global bonds: -0.67 • Developed market equities: -0.55 • Emerging market equities: -0.41 • Bitcoin: -0.28 The only major asset moving in the same direction as oil is the US Dollar, with a +0.45 correlation — as rising energy costs continue to fuel global demand for dollars. Even gold, which typically acts as a safe haven during periods of geopolitical stress, has shown a -0.15 correlation with oil, highlighting a breakdown in traditional relationships. Meanwhile, the divergence between equities and oil has become increasingly extreme: The S&P 500 ETF ($SPY) and the United States Oil ETF ($USO) have moved in opposite directions in 38 of the last 50 trading sessions — the highest level in at least 20 years, surpassing the previous peak of 36 during the Global Financial Crisis. Until oil prices stabilize, volatility across asset classes is likely to remain elevated.