Damian Paletta

Is it currently open?

I mean, it's not like there's a piece of paper where they signed something that says, here's what we've agreed to.

They have not reopened the Strait of Hormuz.

The Iranians have, just like they have for the past few weeks, there are certain ships they will allow to go through with their permission, almost like with their military's consent.

That has not changed.

It's possible later this week that they open up

the number of ships, the kind of ships, the origin of the ships that are allowed to go through for the next two weeks.

There is such a huge traffic jam in the Strait of Hormuz that it's impossible to think that in the next two weeks they're going to be able to get everything through.

And obviously, if you're a company that owns a big ship, you might think twice about whether you want to get in that queue anyway.

There's no sign that Iran in perpetuity has any plans to give up its control or its ability to kind of manage what goes through the Strait of Hormuz.

They have not agreed to that.

And I can't imagine they ever will because that's their leverage.

They can just shut it down if they don't think things are going well.

And it's not easy, as we've learned, for the U.S.

to just bomb it and reopen it.

So Iran wants to be able to kind of charge a toll.

They want to make money off the Strait of Hormuz.

That could drive up costs for everyone around the world because you're having to pay higher prices.

The whole dynamic has changed now.

And Iran realizes they have leverage in places they didn't before.