This is exactly why I laid out the oil and bond market setup this morning. We’ve now had another important piece added to the picture. The IMF says the Middle East energy shock could keep energy costs elevated into 2027. That matters far beyond oil. Brent is back above $101 while the US 10 year Treasury yield is sitting around 5.30%. At the same time, enormous investment into AI, data centres, chips and power infrastructure is creating another source of demand while the global economy is already dealing with expensive energy and record public debt. Look at the divergence. Stocks are sitting around record highs. Nvidia and the AI trade remain incredibly strong. But oil is above $100, Treasury yields are above 5% and central banks are still fighting inflation. If energy remains expensive into 2027, that becomes increasingly difficult to ignore. Higher energy feeds inflation. Persistent inflation keeps pressure on interest rates. Higher rates keep pressure on bonds, equity valuations and eventually liquidity across Bitcoin and crypto. That’s why I said this morning the bond market matters just as much as another green Nasdaq candle. Today we still have US oil inventories, the 10 year Treasury auction and the FOMC minutes ahead. US10Y pushing back through 5.35% while Brent moves toward $103 is the combination I’m watching now. Follow the original post below and you’ll see exactly how the picture is developing. CCA | EireX