Yesterday, the U.S. stock market opened higher but closed lower, with the Dow falling 739 points and the Nasdaq declining 1.78%. Spot gold plunged and fell below $5,090, while silver dropped over 4% intraday; crypto-concept stocks collectively gave back gains, with Coinbase falling 2.71%; Brent crude, meanwhile, held above $100 for the second consecutive day, reaching the highest level in over three years.

This seemingly contradictory market phenomenon actually points to a single core variable — oil prices have been upgraded to the "pricing master switch" for global assets.

The Strait of Hormuz remains continuously blocked, with approximately 20% of global oil transportation obstructed. Oil breaking through $100 directly hijacks inflation expectations: for every $10 increase, global inflation will rise by 0.3-0.5 percentage points. The market is rapidly repricing the Federal Reserve's path — Goldman Sachs has already delayed rate-cut expectations to September.

The market has entered "trading oil prices" mode: as long as energy risks are not resolved, all assets will be repriced under this new anchor. #国际油价突破100美元 $ROBO