Ed Elson

The S&P and the Dow declined marginally as investors looked for clarity on negotiations with Iran.

Meanwhile, the Trump administration deployed more troops to the Middle East and oil resumed its climb.

And finally, the Nasdaq dropped as software stocks took yet another dive.

More on that later.

OK, what else is happening?

The Strait of Hormuz, which carries a fifth of global energy exports, has now been effectively closed for 25 days, and the ripple effects are being felt across the globe.

Fertilizer prices are up 25% since the war began.

Gas is up 30%.

Diesel is up 40%.

Meanwhile, shipping disruptions

are raising global freight costs and extending delivery times.

War risk insurance premiums for vessels have increased by about 50% and oil tanker shipping costs have exploded by as much as 200%.

So here to break down what all of this means for global supply chains, we're joined by Ryan Peterson, CEO of Flexport, one of the world's leading freight and logistics platforms.

Ryan, I always love having you on whenever something is happening with supply chains because

You're one of the few people who is actually in this business and you're seeing what is happening on the ground.

I have been reading about what is happening to prices, specifically diesel prices.

I've been seeing what's happening to diesel prices and fuel.

And I've been seeing that this is just exploding prices for all forms of freight, basically anything that ships anything.

I'd just be interested to hear what you're seeing on the ground right now.

So we've got oil prices going up, which means that it's more expensive to fuel all of these vessels and all of these aircraft carriers, basically anything that carries anything.