United States Oil Fund

7.42% long, up from 7.22% (2.8%). The energy thesis firmed 0.88 to 0.91 as Hormuz transits collapsed again, and the alignment lifted USO to 0.88 after it rose 9.5% while the producers lagged; it extends its lead at the top. Driver-union dedup: inflation-debasement is shared, counted once at Stagflation risk and Fed independence stress, while its other channels add.