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Higher the Rise, Steeper the Fall: Crude Oil Surges Break Things

A potential third 50% US stock-market drawdown since 2000 could have found a catalyst in the global energy crisis. The highest-velocity gold rally in 2025 since 1979 and the crypto collapse may have been initial harbingers of post-inflation deflation. But what better spark now than the commodity that's typically its own worst enemy when it surges -- crude oil.