Oil prices are spiking as the frozen Straits of Hormuz has become the epicenter of the conflict. As of Sunday night’s futures open, WTI futures are trading at $108, which could make the equity drawdowns below old news by the time Monday arrives. As of Friday, the S&P 500 was down a modest 4.2%, but the MSCI EAFE and EM indices were down 7.8% and 10.2%, respectively.#OilPricesSlide