Mike Baker

is escalating operations elsewhere, underscoring, again, just how fragile this pause in fighting really is.

So when you step back, the picture becomes somewhat clearer.

Yes, oil prices dropped based on the headlines, but the system that actually moves energy around the world, ships and insurers and operators, that system is still operating under war conditions.

And even if traffic begins to pick up, the damage done during the conflict won't be reversed overnight.

Refineries have been hit, storage facilities disrupted.

Analysts estimate that around 10% of global oil supply has been knocked offline at various points during the fighting.

That means even if crude starts flowing more freely, refined products such as jet fuel could remain tight for months.

All right, coming up next, Iran-linked cyber attacks target U.S.

oil, gas, and water systems, while Israel escalates their operations against Hezbollah in Lebanon with its heaviest strikes of the war.

I'll be right back.

Hey, Mike Baker here.

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