Stranded in Hormuz, Three Bullets for Risk Assets, and the Commodity Supercycle

In this episode of 3in10, Scott Slayton provides an update on the Iran war and the battle over the Strait of Hormuz, outlining why sustained energy disruption keeps pressure on global risk assets. He then breaks down the “three bullets to the brain” for markets: tightening financial conditions, rising recession odds, and geopolitical shock. Finally, Scott explains why commodities are leading in 2026 and how the supercycle may be shifting from precious metals to energy.