Rajan Menon

And ultimately then Iran has control of this trade by virtue of geography, right?

So Trump cannot decree that it'll be open.

But there's another thing that people need to understand.

Even if the strait is fully open now, and we go back to the level of the pre-war volume of traffic across the strait, about 138 ships, mainly tankers, on average a day, it is going to take a long time before all of the oil flows

And we have a kind of an end to the rising prices.

They've declined somewhat, but normality is not going to happen the day the straight is opened.

There's just no way that can happen.

Right.

Just a couple of fine points based on what you said.

So in addition to opening the Strait of Hormuz in phase one, right?

Let's talk about phase one for a moment.

Nuclear is phase two.

The American naval blockade is supposed to be ended.

The asset parts, I've heard different numbers, $12 billion, $29 billion, whatever it is, but there is certainly going to be

a release of assets, Iran has made it absolutely clear.

Now the White House is trying to massage this and saying, well, Iran is not being given any money and so on and so forth.

But the fact of the matter is that Iranian assets frozen by the United States are going to be handed over to Iran.

Now that's

in my book, giving somebody money.

And then the sanctions are going to be lifted, but not all at once on a phased basis.