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May 21, 2026 - Zach and Chase discuss why markets may still be dramatically underestimating the long-term consequences of the Strait of Hormuz disruption even as negotiations appear to be moving toward a resolution. They break down why oil inventories could continue tightening for months after any agreement, why tanker maintenance and damaged infrastructure may delay normalization far longer than expected, and why energy producers could become one of the biggest beneficiaries of the next phase of the cycle. They also discuss offshore drilling, Chinese semiconductors, AI infrastructure, rising bond yields, and why markets continue treating a structural supply problem like a temporary headline event.
