> Oil: $92 to $119 to $81 in 9 days. History has been made.

This is not a normal oil move.

Friday close: $92. Sunday night: $119 (Hormuz fears, Iranian infrastructure hits, UAE joins war). Monday CBS Trump interview: 'war pretty much complete, no navy, no Air Force.' Oil: immediate crash to $81.

That is a 29% crash from peak to trough in one session. Single biggest oil volatility event since 1991 Gulf War.

Meanwhile also today: Trump considering taking over the Strait of Hormuz. US Embassy evacuation in Riyadh. Saudi Arabia hit by Iranian drones. Putin calling Trump offering to sell Europe his oil. G7 threatening to open strategic reserves.

The market priced in 'Trump ends it fast' then immediately started pricing in 'what if he doesn't while also occupying a strategically critical waterway.'

Retail oil longs who bought GUSH at $50 on Sunday night are having a very normal Monday.