And then maybe we'll get into some longer term impacts of what this is going to mean three, five, ten years down the road, you know, for energy traffic and energy trade.

Yeah, so I think it's a great question and a great place to start because we are talking about the largest energy producing region and not just energy.

Big export of aluminum, big export of helium.

There's a variety of fertilizers.

This is a very important topic to discuss in part because of the relevance to the global supply chain.

When I look at where we are today, I describe it best as we are at the beginning of the end of this phase.

We are in a point where there's a MOU in place that is focused primarily initially on normalizing oil flows and energy flows out of the Strait of Hormuz.

So for advisors listening, what counsel would you give them on how to use commodities to create good results for their clients right now?

How do you tell the story or what story are investors telling themselves?

Yeah, so a couple of things.

If you look at the last six years, I'm going back before COVID, and you had the textbook reason why you wanted to own commodities in the portfolio was saying when there is an inflation cycle and inflation upswing, and certainly inflation besting the current forecast of inflation.

So like the inflation surprises, commodity tends to be the most effective hedge to a 60-40 portfolio.

where if you have inflation surprising to the upside, you typically would expect to have negative returns from nominal assets, such as fixed income.

And you'd also have equity markets tend to be weighed down, particularly if that leads to a Fed hiking cycle.

And that's exactly what happened.

Anything interesting happening on that side?