Saagar

We appreciate it.

Absolutely.

So, sir, you are an expert, particularly in air power and in what you call the escalation trap.

You studied, I think, every, what, every U.S.

Right, which is why you're such an important guest for us.

And we do have some latest news before we get into some of your theory about the escalation trap we want your reaction to.

Guys, let's go and put D1 up there on the screen.

We have now seen an expansion of Iran declaring that U.S.

and Israeli economic banking interests in the region

our targets.

We have seen this now repeatedly, sir, where we've moved from initial military targets to then the striking of either civilian infrastructure by the United States or Israel inside of Iran, now an expansion to the banking sector.

So it does appear as if your theory about escalation and air power continues to spiral as this war now enters what's its 13th day now so far.

So your reaction to this particular piece?

Very, very true.

So let's turn to some of your own points here about the risk, guys.

Can we put his slideshow, D4, up there on the screen?

So you start with multiple risks that we are now seeing.

Energy shock, about 20% of the world's oil passes through the Strait of Hormuz.

If that flow is disrupted even partially, the economic shock would hit, obviously, the entire globe.

Energy markets watching that.