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As the Iran War AND the Houthi/Saudi War continues to escalate, I am watching for a short reprieve in the oil markets to pick up a short-term holding in BNO. Likely this will be targeting a price point of ~$92/barrel, and then seeking to sell it at around $115/barrel before the year is out. This is primarily driven by the November midterms giving Iran extraordinary incentivize to maximize the global energy prices around early/mid October, paired with the rapidly escalating Houthi/Saudi War that has repeatedly seen Aramco facilities at Jizan and Abqaiq destroyed, as well as increased Somali Pirate aggression in the Basin. At current price points of ~$99/barrel, the ~15% max upside towards a $115/barrel desired sell point is not sufficient for me to take risk when combined with a short-term gains tax that would reduce it to closer to a 10% realized gain. But at ~$92/barrel, you’re looking at a 25% gain, and about 17% post-tax over the course of likely ~3 months. Given that the likelihood we DON’T see oil prices stay above the $100/barrel price point through the end of the year, I find the likelihood of returning a NEGATIVE investment at a $92/barrel cost basis to be extraordinarily unlikely. This is particularly due to the Iranian incentive to see Trump increasingly embroiled in domestic infighting once the elected officials in November take their new positions in January. If I can find a chance in that ~$92-$93/barrel window in the coming days or weeks, I’ll certainly be jumping at that opportunity to cash in with relatively low risk. Make your own investment decisions based on your own risk tolerance, financial position, and other relevant factors. A good decision for one person ≠ A good decision for any person.