Cabot Phillips

Now, big picture, it's worth noting, one reason President Trump feels he can end the war without opening the strait is that the U.S.

is simply far less reliant on Middle Eastern oil than the rest of the world.

We've certainly felt pain at the pump.

Gas just hit $4 a gallon for the first time since 2022.

But that increase pales in comparison to what we've seen globally.

As the White House has been quick to note, thanks to President Trump's drill baby drill agenda, as he calls it, the U.S.

is now the world's top oil producer, and that has helped to shield us from the impact of this conflict.

However, Asia and Europe are in a much more dire position.

For example, Asia lacks large natural reserves, so they've always been relying on the rest of the world for oil and natural gas.

About 75% of their energy supply comes through the Strait of Hormuz, so they are being hit the hardest right now.

Elsewhere, Europe has spent the last decade, as we've talked about, enacting extreme climate measures, and those have greatly reduced their ability to drill.

As a result, Europe imports about 90% of their oil, and that leaves them just much more exposed to these global energy shocks.

On Tuesday, the European Commission, for example, urged residents to work from home and cut down on unnecessary driving and flying as they warned of what they called a, quote, "...prolonged energy crisis."

Well, first, the president and his top advisors are no doubt going to be meeting today to review those plans for Iran as they continue debating whether or not to deploy ground troops.

We mentioned yesterday that Trump is weighing using ground forces to open the Strait of Hormuz.

And now The Wall Street Journal says he's also considering deploying special forces and other infantry elements to locate and then bring back 1,000 pounds of enriched uranium and

deep within Iran.

That would obviously be a highly complex and risky move, but some in the White House say it could be the only way to fully ensure the regime never attains a nuclear weapon.

As he weighs his options, the president said Monday that his administration is engaged in, quote, serious discussions with a new and more reasonable regime to end our military operations in Iran.

He also adds that, quote, great progress has been made.