Zaid Admani

We got a great show for you today.

Let's go.

Stocks were back in the green on Wednesday with the S&P 500 up half a percent, while the Nasdaq climbed about 0.8%.

Like I've been saying all week, we are in a yo-yo market where stocks go up and down based on oil prices.

And yesterday, oil prices came down after optimism about a potential peace plan and ceasefire with Iran.

But look, this stuff changes on an hourly basis at this point.

There are reports that Iran has rejected the peace plan.

Not only did they reject it, they countered with their own five-point proposal that includes Iran keeping control of the Strait of Hormuz.

So today, the optimism about a ceasefire is starting to fade, which is causing oil prices to rip higher again.

Brent crude is back above $106 a barrel after falling below $100 yesterday.

We're about a month into this conflict now, and oil prices have gone up more than 35%.

And look, there are some oil executives worried that things could get worse.

The biggest energy conference in the world is happening in Houston this week, and CEOs on stage are painting a pretty scary picture.

For example, the CEO of Chevron said the effects of the Strait of Hormuz closure are not fully priced in yet.

I mean, this guy runs one of the biggest oil companies in the world.

So when he says the market is underestimating this, that's worth paying attention to.

Now, to be fair, there are reports that some tankers have started to pass through the Strait of Hormuz, but the Strait isn't fully open.

The bottom line here is that every headline about Iran will move the price of oil, which will then determine which direction stocks go in a given day.

So we're going to continue to stay on top of the latest developments and break it down for you every day.

So make sure you guys are subscribed to the podcast and tuning in every day to stay in the loop.