Steve Eisman, the portfolio manager made famous by “The Big Short,” called the Iran war a “unipolar market” on his podcast The Real Eisman Playbook.
The framing marks a sharp reversal. In early March, Eisman told CNBC the conflict would be “very, very positive” and said he wouldn’t change a single trade. Four weeks of $100-plus oil appears to have changed the calculus.
Brent crude traded near $113 per barrel on Monday, up roughly 55% in March. That is the largest monthly surge in the contract’s history, surpassing the 46% gain recorded during the first Gulf War in September 1990.
The Energy Select Sector SPDR Fund (NYSE:XLE) is the only S&P 500 sector in the green this month, while the United States Oil Fund (NYSE:USO) has tracked crude’s historic March run.
What Prediction Markets Say
Bettors on …
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