
Oil prices broke $100 in a single day, but the market may have been conditioned by the boy who cried wolf—now it’s in a state of cautious skepticism. High oil prices broadly suppress all risk markets. If oil can remain below $100 and steadily decline over time, the market will gradually regain confidence. Then, it comes down to each asset’s own fundamentals and cycles (U.S. stocks, crypto, gold, and silver each have their own distinct dynamics).

