Brent Crude Futures Fall $2.6 to $86.30/bbl as US, Iran Pause Attacks, Investors Hope for Resolution
85·AShort
m
meme7/27meme
quote: With all due respect to Washington's efforts to shape the policies of Iraq's new government, one reality remains unchanged: Iran maintains a deep and active presence inside Iraq, both directly and through its network of armed partners.
Recent reports suggest that the actors involved may not necessarily be the well-known groups such as Kataib Hezbollah or al-Nujaba. It is entirely plausible that some operations are being conducted by networks working directly under the guidance of IRGC officers inside Iraq, allowing Tehran greater deniability while preserving operational control.
At the same time, there is growing evidence of close coordination between the Houthis and Iraqi Shiite armed groups. It is therefore possible that Yemeni operatives based in Iraq also played a role in planning or facilitating recent attacks, including target selection.
The attack launched from Iraq toward Jordan reinforces a broader trend: Iraq has become one of Iran's most important platforms for projecting power through proxies beyond Iranian territory.
The picture that emerges is not of isolated actors, but of an increasingly coordinated network linking Iran, the Houthis, and Iraqi armed groups in pursuit of shared strategic objectives.
The Houthis show no sign of backing down. They appear determined to continue targeting Saudi energy infrastructure until Riyadh lifts the blockade they believe is being imposed against them.
In this context, attacks originating from both Yemen and Iraq could intensify, further increasing pressure on Saudi Arabia. Riyadh may soon face a difficult strategic choice: absorb continued attacks in the hope of avoiding a broader regional war, or respond militarily despite the risk of significant escalation.
From the Houthis' perspective, the calculus appears straightforward. They seem convinced they have little left to lose and are therefore unlikely to be deterred from continuing to strike strategic Saudi targets if they believe doing so advances their objectives.
#IranWar | BREAKING: Saudi Arabia says it intercepted a number of drones targeting oil facilities in the Eastern Province over the last few hours. Riyadh says the drones were launched by Iranian-backed militias from Iraqi territory.
85·ALong
m
meme7/26meme
quote: Some of the (many) flaws of the current vault design. | Who is touching your Morpho position?
A nameless bot is touching it.
It is not a multisig. It is not a DAO. It is not under a timelock. It is a bare EOA.
Despite claims of vault transparency, a key piece of vault infrastructure is shroud in secrecy. The reallocation bots and strategies employed by curators to rebalance vaults work from the shadows but hold sway over the fates of depositors and borrowers alike.
Steakhouse's 0xfeed bots are an illustrative example. Reallocate transactions are routed through off-chain infrastructure, pushing custom call data through a bespoke set of contracts and delegated wallets.
There is no smart contract enforcement here. There are no published target weights. No available allocation policy. No rule a borrower could read and plan around. The vault can enforce some guardrails, but the bots are steering.
This means volatile and difficult variable rates. Borrowers described it as "carnivorous on carnivorous violence" as they fought to loop the minimal liquidity available when bots moved none of the available idle market capital in.
Lenders should also ask questions about the reallocation strategies. In the wake of the USR exploit we documented how Gauntlet's reallocation bots moved supplier money in to a bad market, resulting in 7 figures of avoidable losses.
Morpho's V2 vault architecture makes permissioned reallocation a requirement. Liquidity by default flows in to a single market and a curator then needs to move it to support liquidity in other markets in the vault.
So far no curator has opened the kimono on their reallocation infrastructure. We hope discussion on the strategies and goals of reallocation bots shines new light on the shadowy curator backends that have such control of both sides of the vault markets.
For now, we encourage you, dear reader, to always look at who is touching your positions.