Bob Elliott
· Nonconsensus
· April 24, 2026 at 10:18
· ⏱ 2 min read
| Read on Substack ↗
Summary
The author highlights a divergence between equity and oil markets, which are telling two very different stories. While stocks are near highs and seem to be pricing in a limited macro impact from the Iran war, crude oil prices are also high, signaling ongoing supply stress.
•Equity and crude oil markets are presenting conflicting narratives despite both being near highs.
•The stock market's strength suggests investors believe the macro impact from the Iran war will be limited and short-lived.
•Conversely, high oil prices indicate that the oil market is concerned about ongoing supply stress.