Bank of America strategist Michael Hartnett stated that soaring oil prices and escalating concerns surrounding private lending are making market movements increasingly resemble those before the global financial crisis. He pointed out that between July and August 2007, oil prices rose from $70 to $140 per barrel, coinciding with the emergence of the "subprime crisis" and its impact on institutions such as Northern Rock and Bear Stearns. The conflict with Iran, which began on February 28, has already driven oil prices up by more than 60% this year. Hartnett stated in a report, "Asset performance in 2026 is increasingly approaching the price movements of mid-2007 to mid-2008." He added that Wall Street is "uneasily trading in a 2007-2008 analogy." Hartnett stated that the current market consensus remains that the Iranian conflict will not last long, and that private lending issues do not pose a systemic risk. This assessment is driving investors to maintain bullish positions because they believe that "policymakers will always step in to save Wall Street." Hartnett believes that the greater risk to the stock market from rising oil prices and tightening financial conditions lies in corporate earnings, rather than inflation. (Jinshi)