Jim Iuorio says oil was his number one bullish trade for 2026, but the conflict with Iran has “thrown a huge wrench into it” and created a short squeeze. He notes that as crude moved higher, inflation expectations “followed it in lockstep,” adding to expectations of Fed rate cuts. He doesn’t subscribe to notions of stagflation, though – he argues that high oil prices can actually be disinflationary in some areas as it strains the consumer and lessens demand.