Crude oil (WTI) has declined to near $80/barrel, and Brent oil to $84/barrel as the U.S. announced that it has shifted toward economic sanctions against Iran rather than military action. Will this work? We have been at war for six months and much longer than most expected, so maybe this is a better alternative. It's certainly a lot cheaper.

The major indices are lower at midday. Earnings are flowing in and driving movement in individual names. Broader picture, the conflict in the Middle East continues to intensify, adding geopolitical concerns that had been moving to the sidelines right back into the mix as investors consider the state of their portfolios. Crude oil is at $80 per barrel, the yield on the 10-year note is up four basis points to 4.59%, and the VIX volatility index is at 16.

The Goldman Sachs Group provides investment banking, securities, and investment management services to corporations, financial institutions, governments, and high-net-worth individuals worldwide. Goldman has three operating segments: Asset & Wealth Management, Global Banking & Markets, and Platform Solutions, with the latter including transaction banking and consumer partnerships.

Goldman Sachs is a storied financial institution, founded in 1869 and best known for its role as a leading global investment bank. The firm has a sprawling reach across global financial centers and has been the leading provider of global merger and acquisition advisory services, by revenue, for the past 20 years. Since the global financial crisis, Goldman has expanded its offerings into more predictable, fee-based businesses like asset and wealth management, which comprised roughly 30% of post-provision revenue at the end of 2025. The firm generates revenue from investment banking, global market making and trading, lending, asset management, wealth management, and a small and declining portfolio of consumer credit card loans.