Tension in the Strait of Hormuz is keeping traders on edge and reshaping how markets think about energy. Plus, Oracle shares deliver a surprise lift, even as the world powering AI looks stretched. And JP Morgan spots some unsettling signals inside private credit. 

Today’s recommended read: The dangerous politics of US oil-driven redistribution, Mike Dolan

Produced by Eliza Davis Beard, Ethan Plotkin, and Abisoye Adelusi

Sound engineering and music by Sebastian and Josh Sommer

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