Oil has reasserted itself as the market’s primary barometer of Middle East risk, with prices surging while typical ‘risk assets’ move in the opposite direction. Kaiko Research says the renewed flare-up in regional tensions has pushed crude sharply higher year-to-date and flipped correlations with Bitcoin (BTC) and U.S. equities decisively negative—an unusual cross-asset divergence that highlights how geopolitical shocks are being priced first and most aggressively in energy.
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