🛢 Energy & Commodities risk-off · 6–18 months
A what‑if from the future

What if a sustained oil-supply shock forces central banks into a stagflation policy dilemma?

A sustained oil-supply shock drives a stagflationary mix of higher inflation and weaker growth, forcing central banks into a painful policy trade-off, the canonical GFSR oil-stagflation scenario.

11%
our model probability
over 6–18 months
prediction markets — wisdom of the crowd
loading live odds…
Empirically anchored 11% · 90% range 2–19% · 40 analogues · measured class energy 89% in 18 mo · 3% held back for the unknown
how we built this number — every step
Measured class rate — energy ≈1.4869/yr → 89% in 18 mo89%
Analyst prior · editorial share 11% of the class10%
Pooled · weight 87%11%
Crowd — no liquid market
Reserve 3% · no extremizing (×1.0)11%
Published11%

The class rate is measured from our dated, sourced event library (decade-normalized Poisson — the full table is public at base_rates.json). The variant’s share within its class is the analyst’s editorial call, published so you can audit it. A wider range means thinner precedent. Full recipe: methodology · scored at Reality Check.

The butterfly cascade

How this trigger trickles across markets, left → right — the root shock, its first‑order moves, then the ripple effects. Drag any node; tap a market for its real price history.

Resolution timeline — how this probability is moving

Our model's odds (gold) over time vs the crowd's (Polymarket, blue), from the past toward the 6–18 months horizon. Each dot is a real macro event that nudged the probability — green pushed it up, red pushed it down. Tap a dot for the source. The gold path is an illustrative reconstruction anchored to today's estimate — real dated events, not a live re-estimate history.

loading the timeline…

What it would mean

If this plays out, it is a risk-off shock. A sustained oil-supply shock drives a stagflationary mix of higher inflation and weaker growth, forcing central banks into a painful policy trade-off, the canonical GFSR oil-stagflation scenario. The trigger decomposes into signed root‑shocks — Inflation surprise ▲ · Oil supply risk ▲ · Recession signal ▲ · Risk appetite ▼ — which propagate through our causal graph to the markets below.

If it happens — the markets it would move

Biggest moves first. Projected moves are cascade-model priors; hist A–B% = what comparable past events actually did (measured abnormal returns), and model prior · unmeasured marks markets with no analogue backing yet. Tap any market for its price history.

MarketClassProjected move
1Brent crude BRENTon Hyperliquid 📈 chartCommodity▲ +3.6%
hist +0.96–+2.17% · other way -4.99% (n=12)
2WTI crude CLon Hyperliquid 📈 chartCommodity▲ +2.9%
hist +1.02–+1.93% · other way -5.34% (n=12)
3Energy sector XLEon Hyperliquid 📈 chartEquity▲ +2.0%
hist +0.39–+2.01% · other way -2.19% (n=12)
4MicroStrategy MSTRon Hyperliquid 📈 chartEquity▼ -1.6%
hist -2.66–+3.02% · other way +29.33% (n=12)
5Nasdaq 100 NDXon Hyperliquid 📈 chartIndex▼ -1.4%
hist -0.94–-0.37% · other way -0.46% (n=12)
6Solana SOLon Hyperliquid 📈 chartCrypto▼ -1.3%
hist -2.38–+5.7% · other way +0.52% (n=12)
7United Airlines UAL 📈 chartEquity▼ -1.7%
hist -2.23–+3.0% · other way +11.38% (n=12)
8ExxonMobil XOM 📈 chartEquity▲ +1.4%
hist -0.2–+2.37% · other way -2.98% (n=12)
9Tech sector XLK 📈 chartEquity▼ -1.3%
hist -0.92–+0.01% · other way -0.47% (n=12)
10Chevron CVX 📈 chartEquity▲ +1.3%
hist -0.05–+1.9% · other way -0.33% (n=12)
11Hyperliquid (HYPE) HYPEon HyperliquidCrypto▼ -1.1%
model prior · unmeasured
12Delta DAL 📈 chartEquity▼ -1.5%
hist -1.07–+0.72% · other way +5.89% (n=12)
13Bitcoin BTCon Hyperliquid 📈 chartCrypto▼ -1.0%
hist -0.69–-0.16% · other way +8.73% (n=12)
14Ether ETHon Hyperliquid 📈 chartCrypto▼ -0.9%
hist -1.16–-0.03% · other way +5.46% (n=12)

Probable recommendation

If the scenario above plays out, the probable cross‑asset positioning → a scenario‑conditional read, not personalized investment advice
Cash / hedgeRaise cash and hold the long hedges above; this scenario is net risk-off.
For a common-man portfolio: A typical stock-heavy portfolio is at risk. Consider trimming equities, raising cash, and a small cash hedge.
Also moves (not yet on Hyperliquid): United Airlines -1.7% · ExxonMobil +1.4% · Tech sector -1.3% · Chevron +1.3% · Delta -1.5% · 30y Treasury yield +9bp

Historical precedent — what analogous events actually did

Across 40 analogous events (overlap‑weighted), as abnormal returns — market beta stripped, so it's the event's own effect, not the market backdrop. Shown at 20 days (persistent) and 5 days (immediate); ↺ fades = the two horizons disagree. Confidence = consistency × sample × significance.

Israel strikes Iran — Operation Rising Lion 2025-06 October 2024 Iranian ballistic-missile attack on Israel 2024-10 Saudi-Russia oil price war 2020-03 OPEC abandons output defense, opting for market share vs US shale 2014-11 1990-91 recession onset 1990-07 1986 oil price collapse 1986-02 Gold peaks at $850 1980-01 Iran hostage crisis / US freezes Iranian assets 1979-11 1979 Iranian Revolution oil shock 1979-01 Iranian Revolution oil shock 1978-12 1973-75 recession onset 1973-11 China retaliates to Liberation Day: 34% tariffs + rare-earth controls 2025-04 Gold tops $3,000 for the first time amid tariff and rate-cut fears 2025-03 Henry Hub natural gas falls to an all-time inflation-adjusted low on record output 2024-11 Hezbollah pager and device explosions across Lebanon 2024-09 April 2024 Iranian drone-and-missile barrage on Israel 2024-04 Ukrainian drone strikes hit Russian refineries, lifting crude and gasoline 2024-03 Gabon coup d'etat 2023-08 Niger coup d'etat 2023-07 Wagner Group mutiny against the Kremlin 2023-06 ExxonMobil posts most profitable year for any US oil company 2023-01 Nord Stream pipeline sabotage 2022-09 August 2022 hot CPI 2022-09 Powell's hawkish 'pain' speech at Jackson Hole 2022-08 US-led 240-million-barrel SPR release answers the Ukraine spike 2022-03 Houthi drone-and-missile strike on Aramco's Jeddah depot 2022-03 Houthi drone-and-missile attack on Abu Dhabi oil sites lifts Brent to 7-year high 2022-01 Turkish lira record low on rate cuts 2021-11 European gas crisis intraday record spike 2021-10 Myanmar military coup 2021-02 WTI crude futures settle negative as demand collapses 2020-04 Abqaiq-Khurais strike triggers the biggest Brent spike on record 2019-09 Chinese yuan breaks 7 per dollar; US names China manipulator 2019-08 Houthi drones strike Saudi East-West crude pipeline 2019-05 Bitcoin Cash hash war capitulation 2018-11 February 2018 hot wage print triggers rate scare 2018-02 North Korea sixth nuclear test 2017-09 North Korea 'fire and fury' nuclear scare 2017-08 China-led global 'Black Monday' rout 2015-08 Thailand 2014 military coup 2014-05
AssetHistory saysAbnormal (20d · 5d)HitnConfidencevs cascade
COIN COINLONG+10.0% · 5d +3.1%71%20 0.37⚠ differs
HOOD HOODLONG+5.0% · 5d +0.5%67%20 0.31⚠ differs
GBPUSD GBPUSDSHORT-0.8% · 5d -0.4%69%33 0.30✓ matches cascade
USDJPY USDJPYLONG+1.6% · 5d +0.5%66%33 0.28✓ matches cascade
US dollar DXYLONG+0.7% · 5d +0.5%65%40 0.27✓ matches cascade
EURUSD EURUSDSHORT-0.7% · 5d -0.2%67%33 0.26✓ matches cascade
AUD AUDSHORT-1.1% · 5d -0.5%66%33 0.25✓ matches cascade
INR INRSHORT-0.3% · 5d +0.2% ↺ fades66%33 0.24✓ matches cascade
30y yield DGS30LONG+14bp · 5d +6bp61%39 0.22✓ matches cascade
ARM ARMSHORT-5.3% · 5d -7.6%67%8 0.20✓ matches cascade
SOL SOLLONG+5.7% · 5d -4.5% ↺ fades63%22 0.18⚠ differs
10y yield DGS10LONG+14bp · 5d +7bp59%40 0.18✓ matches cascade
DAL DALLONG+1.3% · 5d -0.5% ↺ fades59%33 0.15⚠ differs
CVX CVXLONG+1.1% · 5d -0.1% ↺ fades57%40 0.14✓ matches cascade

Methodology. Probability and impact are anchored to history and scored against what actually happens — wins and losses, in public, at Reality Check. Crowd odds live from Polymarket & Kalshi. By Vikas Singh, Quantitative Strategist. Updated 2026-07-03.