S1E50 - They Don't Want the Smoke

Marko and Jacob are back for a late Monday debrief as the Iran-Israel conflict whiplashes through price swings, contradictory Trump proclamations, and a surprise succession in Tehran. Marko breaks down why Iran's malleable war aims and slowing drone attacks signal a regime running out of stomach for a fight... and why the Strait of Hormuz remains the only geography that truly matters.

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Timestamps:

(00:00) - New Mailbag! also Hello!

(01:04) - Oil Whiplash Recap

(02:15) - Trump War Quotes

(02:54) - Menu Metaphor

(04:21) - Markets and Reflexivity

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