Oil's taking a real hit right now—prices have slumped to levels we haven't seen since early 2021, and there's more pressure building. The supply surplus everyone saw coming is finally materializing in a big way, which is weighing heavy on the commodities complex. On top of that, we're seeing some actual progress in Russia-Ukraine peace negotiations, which is easing geopolitical risk premiums that had been baked into energy costs.

When crude tumbles like this, it ripples through everything—inflation expectations ease up, and that typically flows into broader market sentiment. Worth watching if you're thinking about macro cycles and how they shape capital rotation into crypto and other risk assets.