Tracy Alloway

Well, shall we leave it there?

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And I'm Tracy Alloway.

Well, I think the important thing for the purposes of this particular discussion is if you take a look at what's going on in the Strait of Hormuz, it still seems to be shut, more or less.

And shout out to the Bloomberg function, ECAN, Hormuz Go.

You can see the number of ships that are going –

Through that particular choke point, and I have two as of today, which is basically nothing.

Two today.

I was going to say, to your point, I think the thing that's confusing everyone is we keep seeing these headlines about like a billion barrels lost of world supply or 20% of the world's oil supply now choked out because of the Hormuz situation.

And yet, if you look at the oil price, you know, WTI, Brent, definitely up, but they're not up as much as you might think given the scale of disruption.

Very 1970s.

One thing about our current market moment is we are getting like a crash course in real time about the flow of energy throughout the world.

And as we will see in this conversation, like it is still very much geographically constrained east versus west.

And so, as you say, the big question is whether or not the east kind of, I don't know, scrambles even harder to adapt to this.