U.S. stocks opened higher but closed lower yesterday, with the Dow falling 739 points and the Nasdaq declining 1.78%. Spot gold plummeted intraday and broke below $5,090, while silver fell over 4% during the day; crypto-related stocks collectively gave back gains, with Coinbase dropping 2.71%; meanwhile, Brent crude oil stood firmly above $100 for the second consecutive day, reaching its 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 "master price switch" for global assets.

The Strait of Hormuz remains continuously blocked, disrupting approximately 20% of global oil transportation. Oil prices breaking $100 directly hijack inflation expectations: for every $10 increase, global inflation will rise by 0.3-0.5 percentage points. Markets are rapidly repricing the Federal Reserve's path — Goldman Sachs has already pushed back rate cut expectations to September.

Markets have entered "trading oil prices" mode: as long as energy risks remain unresolved, all assets will be repriced under this new anchor. #国际油价突破100美元 $ROBO