Daniel Yergin

and what kind of security premium.

And by the way, also that you need to spend more money, more share of your sovereign wealth fund on defense.

So I think all of those changes, I mean, we don't know what the full outline of this settlement is, if it is a settlement, but we do know that it is going to be a different world than the one that existed before the war began.

Well, that would be a pretty dramatic expansion of the authority of the U.S.

I mean, some have talked about an international authority, which would be composed of Iran, Oman, and the UAE, which are the three countries that border the strait, some sort of international system.

But I think also that for the Gulf countries, for Saudi Arabia,

I don't think it's tolerable for them to be paying a toll to Iran and having Iran have that domination over supply and having those funds that they pay go to the IRGC, which apparently is what would be the destiny of those funds.

So I think there's things here that are just unresolved.

Obviously, at the top of that list is the Strait, along with what Iran is or is not going to do in terms of nuclear weapons.

Well, one is drone capacity.

And, you know, a year ago, we heard that

Ukraine was told they had no cards.

It turns out they do have cards, which is there are no countries more experienced in terms of dealing with drones.

And there is the president of Ukraine in the Gulf doing drone deals with those countries to give them protection.

I think there are other consequences too.

I think that the, I guess we'll call this the Hormuz crisis.

It sounds like the Suez crisis, the Hormuz crisis.

But I think it's also accentuates really a crisis for NATO.

which really began with, of course, well, it has years in the making, but over Greenland.

And now you have the Europeans talking about a NATO without the United States.