Wall Street bent on a post‑Iran rally faces a stark contrast as energy markets warn of higher oil costs. Société Générale noted that companies with a combined $29 trillion market cap—about 44 % of the S&P 500—report earnings this week, a backdrop that could lift equities.

Energy‑sector forecasts have shifted sharply. Goldman Sachs lifted its fourth‑quarter Brent projection to $90 a barrel, up from $80, while WTI rose to $83 from $75. Citi’s scenario envisions a July‑end disruption that could push Brent to $150 a barrel, holding averages near $130.

The tension underscores the fragility of the petrodollar system. Analysts argue that the dollar’s dominance hinges on liquidity structures like swaps, whose expansion to Gulf states could stabilize markets but also signal a deeper reliance on U.S. financial architecture.

Investors must weigh the potential for sustained oil price spikes against the resilience of equity markets, as earnings‑driven gains may not offset the underlying energy risk now looming on the horizon.