I have never seen more headlines in my life about tanker rates, attacks on ships in the Strait of Hormuz, oil supply disruptions, energy crises, SPR releases, etc. Yet here we are, with two ongoing wars, and somehow crude oil is still trading below $120 and its April highs. I’m not here to call a top in refiners, tankers, or energy stocks. But what I am saying is that crude oil clearly doesn’t need to go higher on the current headlines, at least for now. Markets are forward-looking. For all we know, crude has already been pricing in some form of resolution while energy bulls continue screaming from the rooftops about $200–$300 oil. At some point, you have to pay attention to how price reacts to the news, rather than just the news itself. When an asset stops going higher despite a relentless stream of seemingly bullish headlines, that alone is worth paying attention to.