Can you just recap for us a bit, you know, since the war began in February, what has the impact of that been on oil?

What we're seeing is the Iran war has created this blockage in the Strait of Hormuz.

That's this narrow waterway between Iran and Oman, which carries about a fifth of the world's oil and about a fifth of the world's liquified natural gas.

So Iran started firing missiles at tankers, and that sort of shut things down.

And then the US set up its own blockade to prevent Iranian tankers from getting out and providing oil to China and India.

So that brought all oil and gas shipments out of the strait to a total standstill.

So by blocking this strait, essentially you are forcing up prices all around the world of oil, of liquified natural gas, of petrol, diesel, jet fuel, and we're beginning to see shortages in Asia, and people think this is gonna spread to other parts of the world, Europe, and even the United States within weeks.

Jamie, have you interviewed anyone else in the industry who shares the same view as Scott, that there should be, as he said, troops on the ground?

So yeah, Jamie, how are oil markets reacting to all this?

Well, certainly whenever we got the announcement late on Tuesday that there was gonna be this two-week ceasefire, oil plunged in value.

It was down seventeen, eighteen percent, below a hundred dollars.

It seemed like it was all good news because traders were thinking, "This is de-escalation." But there's a lot of uncertainty.

We've seen missiles shot from Iran into their neighbors, and we're not quite sure about what the status of the Strait of Hormuz is going to be.

And a key thing was to keep it open for traffic for all the Gulf States so that they can supply Asia and other parts of the world.

But at the moment, we're not sure if there's gonna be a tolling arrangement, which would mean that every ship passing through that waterway would have to pay potentially up to two million dollars, and we're not sure if the US is gonna join that arrangement.

Is that right?

Is that a lot?

Well, I think if you compare it to December, it is a lot, because then you had oil, you know, just hovering around sixty dollars.

So that's about a twenty-five dollar geopolitical risk premium that's been built into the price.

So that is a significant amount, but I think, you know, what most analysts are really concerned about is do you get to the ninety to a hundred dollar level? And that's really the level which starts to bite into economies across the world.

You start to get a lot of inflation, and it starts to put a question on the central banks and whether they can cut rates again.

So I think, you know, if this is a long drawn out war, we're certainly gonna see those oil prices creeping up to those levels.

So that, I think, unnerves investors.

But just, just to bring back to Jamie, one point, what can the President do?