AMKBY
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Transcript discusses signs of progress in U.S.-Iran talks (technical teams staying on in Switzerland), de-escalation tone, and market reaction: oil down (below ~$80), stocks and gold up. Also mentions Europe’s energy/security challenges and shipping/insurance considerations around the Strait of Hormuz reopening. Guest argues the Iran conflict has created an acute energy shock (worse than 1973+1979 in intensity over ~60 days), driving higher European inflation and threatening growth/social stabil
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