Ryan Adams

Okay.

And that's just telling you the North American oil market is just insulated.

It's the oil from Canada.

It's the oil produced here in the United States.

It's oil from LATAM countries.

None of that is relevant to the Strait of Hormuz or all the conflict.

And so you're seeing the price of stability in the WTI market and you're seeing the price of instability coming out of the Strait of Hormuz here.

Is that part of the story here?

That's absolutely part of the story.

A massive amount of asymmetry.

Iran doesn't even need to do much.

They just need to posture that they will attack ships going through the Strait of Hormuz because then the fallout, the secondary order consequences of that is that insurance companies

are saying, no way are we insuring any ship that goes through the Strait of Hormuz.

It just blows out our calculations.

And so the idea of Iran just having rhetoric about closing the Strait of Hormuz is enough to scare the insurance companies.

And so this is what Donald Trump is trying to posture to the EU about and to the global economy, basically saying, hey, we all get our oil here.

Actually, our oil is fine.

Look at the price of Brent.

EU, China, Japan, your guys' oil is way more expensive.

This is your guys' problem.