Dr. Peter Earle

And we still haven't seen half of the move in oil markets that we saw when Russia invaded Ukraine.

So the wonder right now is, has the Strait of Hormuz, it's important, been sort of overvalued in the years?

Has it been overstated?

Or are the markets just that optimistic that this will be resolved quickly, especially since the president said that there would be

military assistance, and there would be government insurance for the traffic that goes through there.

So it's kind of an interesting quandary because one would have expected to see, upon the closure of the Strait of Hormuz, much, much higher oil prices than we see right now.