 Oil at $126, UAE Leaves OPEC, Big Tech Spends $725 Billion on AI — Breaking Down the Macroeconomic Picture of the Week. Key factors shaping markets in the coming days: **Oil front.** WTI fell to $101 on hopes of a US-Iran truce, but Brent touched $126 during the week — a four-year high. The blockade of the Strait of Hormuz is no joke, and any breakdown in talks will send oil back to peaks. Add to that the UAE's exit from OPEC — the biggest split in the cartel's history. The Emirates no longer want to play by Saudi Arabia's rules. The structure of the oil market is changing right now. **Industry.** US ISM Manufacturing PMI at 52.7, unchanged. Stable, but no surge. Canada surprised, however: a jump from 50.0 to 53.3 — the strongest business activity growth since June 2022. The northern neighbor's manufacturing sector is accelerating amid easing trade risks. **AI race.** The four horsemen of the tech apocalypse — Microsoft, Alphabet, Meta, Amazon — will spend $725 billion in capex by 2026. This is not just a number; it's a restructuring of the entire infrastructure. The question of profitability remains open, but bets are placed. **What to watch this week:** US-Iran talks (Monday-Tuesday), US inflation data, reaction of oil futures. If the Iran deal falls through, Brent will rise above $130 and pull everything along: from gasoline to freight. Subscribe so you don't miss the analyses — @asibiont