Evan Halper

Oil prices are going up higher and higher, and this is becoming a real problem for the economy, and it's a political problem.

So one of the things they're trying to do is find every tool they have, and they don't have that many, to bring more oil into the marketplace.

And they've done everything they can up to now, and it's not really bringing the price of oil down.

What Iran is trying to do here is create all kinds of economic chaos.

And so if that's a big part of their war strategy and they're able to ease some of that economic chaos, even if it means money going into Iran, maybe it's worth it.

But on the flip side, you have a lot of lawmakers, you've got analysts, you've got people in Europe who are questioning, why are we allowing the flow of this oil, the money that comes from the flow of this oil, to go back to these regimes?

The reality is that this war keeps escalating, and it's gone from just the Strait being closed and being a problem to now we're seeing all kinds of attacks from Iran on infrastructure in Gulf states, energy infrastructure.

And they're basically going after the plumbing of the energy supply.

And if that starts to go down, it can take a very long time to repair some of these facilities.

And you're talking about price shocks that are not going to be just temporary.

Renowned street artist Banksy has unveiled nine new animal-themed murals.

Well, in the case of the famously anonymous Banksy, you pretty much have no choice.

Ultimately, if this conflict is not resolved soon and the Strait is not secured, it'll have major pressures, upward pressures on oil prices.

The Strait of Hormuz is a choke point.

It's about 30 miles wide and wide.

About a fifth of the world's oil supply goes through it.

It's where tankers ship through.

And Iran has control over it at the moment.

And they have warned basically all tankers that they can be targeted if they continue shipping oil through it.

There have been some attacks on tankers already.