Suzanne Maloney

It also hurts all of America's partners and allies in the region and around the world.

This is creating huge constraints in Asia.

And that is going to be something that the United States is going to hear from all of its partners and allies when it's engaged in diplomacy, that they are looking to see an end to this war, too.

And so for the Iranians, this is an existential crisis.

They're prepared to wait this out as long as they can.

And I think that's the real question now.

Who blinks first?

I think that's exactly right.

We've never had a prolonged closure of the Strait of Hormuz.

We've never had this length of disruption in terms of oil exports and, as you note, other petrochemicals and commodities that are key to the global economy.

This is something that is completely unprecedented.

And in effect, markets haven't fully priced in the potential impact at this point in time.

Americans are still effectively paying the price at the gas pump that is determined by production in the United States and by supplies on hand.

But as we've already seen rapid and severe increases in prices of oil and other products in Asia,

they're closer to the source.

And as prices normalize over time, as the disruption is priced in, we will be seeing not just $4 and $5 and $6 prices for gasoline at the pump, but much, much higher.

And it will play out, as you note, in all sectors of the economy, particularly some of the key sectors that are crucial for the whole affordability debate here in the United States, food and

commodity prices.

Chips are going to be impacted by the limits and supply of helium.

And so that will have an impact on all the tech that we buy.