MacroVoices Erik Townsend &amp; Patrick Ceresna welcome, Luke Gromen. They discuss how the Strait of Hormuz remained closed for months, why crude oil prices did not respond as expected, and what may happen as the conflict re-escalates. They also cover precious metals, inflation, monetary policy, and other major macroeconomic developments. https://bit.ly/45gBPnZ 🔻Download Big Picture Trading Chartbook 📈📉: https://bit.ly/4wSy4AT ✅Sign up for a FREE 14-day trial at Big Picture Trading: https://secure.bigpicturetrading.com/membership/signup/fOY4YJYX 🔴 Subscribe to Patrick’s Youtube Channel: https://www.youtube.com/@Patrick_Ceresna 🔴 Subscribe to Erik&#x27;s Substack: https://eriktownsend.substack.com/

MacroVoices #542 Luke Gromen: As The Conflict Turns

Macro Voices

[SPEAKER_A] This is MacroVoices, the free weekly financial podcast targeting professional finance, high net worth individuals, family offices, and other sophisticated investors. MacroVoices is all about the brightest minds in the world of finance and macroeconomics telling it like it is, bullish or bearish, no holds barred. Now, here are your hosts, Erik Townsend and Patrick Ceresna.

[SPEAKER_B] MacroVoices Episode 542 was produced on July 23rd, 2026. I'm Erik Townsend. Forest for the Trees founder Luke Gromen returns as this week's feature interview guest. Luke and I will revisit how the Strait of Hormuz stayed closed for more months than almost anyone thought possible, but also why the price response that both Luke and I expected from the crude oil market didn't materialize, along with what comes next as the conflict re-escalates. We'll also cover precious metals inflation, monetary policy, and much more. Then stay tuned for our new and improved MacroVoices Trading Desk, where Patrick and Maciel will deliver a fast-paced market wrap featuring Patrick's Trade of the Week, fresh positioning insights from the Commitment of Traders reports, and a concise breakdown of the key markets you need to watch.

[SPEAKER_C] And I'm Patrick Ceresna. The S&P 500 spent the week pulling back from its highs and consolidating ahead of the heart of earnings season, with several of the Mag 7 set to report and potentially determine the next last leg for the broader market. Crude oil meanwhile continues its powerful advance, rising roughly another 1,300 basis points week over week and trading near $88.43 at the time of this recording. We'll take a closer look at those moves and the key charts and positioning signals after the interview on the MacroVoices trading desk. Now this week's feature interview guest is Forest for the Trees founder Luke Gromen.

MacroVoices #542 Luke Gromen: As The Conflict Turns

Read the full transcript

The candid version is on a podcast,
not the earnings call.

MacroVoices #542 Luke Gromen: As The Conflict Turns

Read the full transcript

The candid version is on a podcast, not the earnings call.

The candid version is on a podcast,
not the earnings call.