"U.S. war on Iran entering its third week... WTI crude lower after hitting $102 per barrel... energy markets still front and center." Also, "sliding oil prices lifting stocks and bonds in hopes that more tankers will be able to get through the Strait of Hormuz." The ongoing military conflict directly threatens the flow of oil through the Strait of Hormuz, a critical transit point. While prices are volatile day-to-day on hopes of a resolution, the geopolitical risk premium is structurally higher as long as the war continues. Major integrated oil companies with global production benefit from elevated prices and have the scale to navigate regional instability. LONG major oil producers as a hedge against prolonged Middle East supply disruption and sustained higher oil prices. A rapid de-escalation of the conflict could cause oil prices to collapse. A global recession could destroy demand.