Mike McGlone

Two to three more weeks of barely heating hard.

If Iran still has offensive capabilities by the end of that time, that's a big problem.

But right now, we're seeing a pretty significant tilt towards a global recession with a worthy catalyst.

Just imagine if we get above $120 in those front contracts.

We've already seen a global tilt towards wealth destruction.

You mentioned it in the stock market.

We've lost almost, in terms of the stock market cap, almost 20% of GDP already in terms of the stock market cap.

And crude oil keeps going up.

It's its own worst enemy.

It takes everything down.

and then it'll eventually go down.

If this continues, crude oil can be its own worst enemy.

When it spikes at this velocity, it usually ends up going lower, and I'll end with one key example.

It seems like to me it's very similar to 2008.

Crude oil peaked at 147, and by the end of the year, it was down to 32.

By the time we get to midterms, I think that WTI crude oil future contracts more likely to be closer to 50.

This needs to be resolved.

I mean, they're a genuine dispute about ice reforms.

I think no one wants to see a return of what we saw in Minneapolis.

I think the key thing is when we wake up Monday morning or Sunday night, and again, if we have another day with a lack of Iran to have offensive capabilities, this is the beginning of the end.