If the war continues no question. The R-Sing is longer... the longer oil prices stay elevated, the lower the chance in the market's mind of continued Fed rate cuts, which also narrows the rate differential argument against the dollar. Flight to safety and reduced Fed cut expectations support dollar.

I still like precious metals... I think that's a safest place. On the commodity side, copper structurally is just in such a bullish demand supply dynamic that I don't see that changing regardless of what happens with that on board. Haven asset during geopolitical risk; structural supply-demand for copper.

I do not care about the spot price of oil. It goes to $100, $120. If it comes back in a week to two weeks, the economy will blink and not miss it. Geopolitical risk premium from Iran war; physical disruption to Strait of Hormuz.