Suzanne Maloney

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.

Everything from our televisions to our cars could be impacted as a result of this.

So, you know, Prime Minister Modi in India compared this to effectively COVID and the pandemic and the impact on global supply chains.

I think that that is a very apt comparison, particularly if this extends over the course of another month or so.

Yes, I think that's exactly right.

And from the Iranian perspective, they now believe that they have survived this war.