$100 oil isn't a prediction anymore

It's been flagged as a "clear and present danger" to Washington.
RBC Capital Markets says regional leaders are sounding the alarm, and with limited OPEC spare capacity, there's no easy cushion.
But oil might be the smaller story.
20% of global LNG flows through the Strait of Hormuz and those flows are nearly halted. Asian buyers are scrambling. If this drags on, we could be looking at the biggest gas market disruption since Ukraine.
Brief conflict = price spike that fades. Prolonged escalation with Iran applying economic pressure = something much uglier.
The market isn't fully pricing in the tail risk yet.