The most revealing thing about the latest oil shock is not that prices spiked. It is how badly everyone wanted to believe they would come right back down. On Monday, Brent crude whipsawed from roughly $83 to nearly $119 before settling below $90. By Tuesday morning, the market had latched onto President Donald Trump's insistence that the war involving Iran was already nearing its end, well ahead of the four-to-five-week timeline he had previously floated.

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