Oil pulls back on Hormuz hopes... And a billionaire investor’s bond market warning 8/25/26

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**Brian Sullivan** (1:01)
Live from the NASDAQ market site, right here in the heart of New York City's Times Square, this is Fast Money. Here's what's on tap. Oil falling on New Hopes again. Traffic will come back to the Strait of Hormuz, but should you have faith in the move lower? And what does it mean for the oil and gas stocks?
That is black gold. What about gold gold? It's suddenly rocking again. And the gold miner ETF pacing for its best month on record. So what now? Plus, NVIDIA breaking a seven day losing streak ahead of its earnings tomorrow night.
Dick's Sporting Goods get tripped up after its own report shows bad shoe sales and health care at new highs. Burke and Vertex, just some of the stocks hitting records today. We'll get behind the moves whether or not there is any more momentum in those stocks. Hi, everybody. If you didn't notice, I am not Melissa Lee. I am Brian Sullivan, Company Live from Studio B at the NASDAQ. On your desk tonight, Tim Seymour, Dan Nathan, Guy Dami, and Danny Moses, host of the On The Tape Podcast and co-author of, what are we doing? Contrarians at the Gate on SubSec. Did I get that?

**Danny Moses** (2:10)
You got it right.

**Dan Nathan** (2:11)
Inflection, right? A little long. Thank you. Welcome, Danny.

**Danny Moses** (2:14)
Great to be here.

**Brian Sullivan** (2:15)
All right, we're gonna start. We got a lot to do. So we're gonna jump right in. No chitchat.

**Danny Moses** (2:19)
Okay.

**Brian Sullivan** (2:20)
And we're gonna start with the latest developments in the Middle East. The latest headlines, sending oil prices sharply lower this afternoon. WTIO finishing the day down 3%.
Brent crude down 4%. The big move, though, was in what they called the Merban contract. That is from Abu Dhabi.

**Danny Moses** (2:36)
Sure.

**Brian Sullivan** (2:36)
Maybe third biggest contract in the world. It fell more than 8% on the day.

**Danny Moses** (2:41)
Why?

**Brian Sullivan** (2:42)
Here's why. The move comes after Iran and Oman announcing they have reached some kind of tentative deal to effectively control. And you know, guys, I hate this word, particularly because the US. Navy is getting a fair number of ships through, reopen the Strait of Hormuz. The two sides releasing a statement in English that reads, quote, the ministers discussed a phased framework that could provide a practical and viable basis for moving forward. It involves the creation of a temporary joint corridor, information exchange, traffic management, and provision of relevant maritime and security services.
End quote. Crude Posting and Slowest Settling about two weeks. Still those, be clear, up about 20% since the beginning of the war. But Guy Addami.

**Guy Adami** (3:27)
Yes, sir.

**Brian Sullivan** (3:29)
Yogi Berra said, deja vu all over again. And I feel like we get these kind of announcements, maybe not daily, but close, market moved, should've.

**Tim Seymour** (3:39)
Or if you see a fork in the road, take it.

**Guy Adami** (3:41)
Take it. Yeah. Take it.

**Dan Nathan** (3:43)
While you see a chance.

**Guy Adami** (3:44)
Nobody goes to restaurants too crowded. Steve Wimwood. Yeah, which is a really lousy song. Valerie on that album is actually a decent song. Not really.
In terms of the commodity, look, oil is going to fluctuate, but I think what we've learned, and by the way, between you and Pippa, we do an amazing job here at the network, covering the energy sector. I think what the market has figured out, Crude Oil doesn't need to participate for these stocks to do well. Now, OIH is at a decent runs, pulled back recently. The XLE made an all-time high last week, again, pulled back a little, maybe a little bit of a double top from that March high, but I think what we've learned is there's some structural problems, valuations are reasonable if not attractive, and these companies have learned how to do very well in this environment. Their balance sheets are as best they've ever been, and their productivity rates are the best they've ever been. So you stay long energy stocks, regardless, in my opinion, of where Crude Oil goes.