Jason Bordoff

Yeah, the Strait of Hormuz moves about 20 million barrels of oil a day and 100 million barrel a day market.

So about 20 percent, about 20 percent of the world's liquefied natural gas supply as well.

And it's mostly closed.

It's the most critical global maritime choke point for the energy sector and for lots of other things, too.

We can come to petrochemicals and aluminum and fertilizer, which has implications on food production and food prices here.

But for oil and gas, it's the most important choke point.

And the Gulf, we all know since the 1970s, the Middle East is a huge energy producer.

Iraq, Saudi Arabia, the United Arab Emirates, Iran, of course, and all of that oil, most of it flows by tanker through this very narrow straight that juts like a little triangle around a corner.

And it's right where Iran is.

So it doesn't take that much with some drones or explosives in a dinghy boat racing out to a tanker.

You have something like 100 a day moving through before this conflict.

You just have to take one or two out for insurance to be canceled and for ships to just say, we're not going to take the risk.

There are some workarounds.

Saudi Arabia has been able to move some oil by pipeline.

Iran, Iranian oil, ironically, is still flowing through.

We've tapped strategic reserves.

We've eased sanctions on Russia and Iran.

We can talk about whether that makes sense.

But you're talking about a disruption of about 10 million barrels of oil, maybe a little bit more.

So more than 10% of global supply.