Joining us now from the strategic for center for strategic and international studies, senior fellow for energy security, Clay Seagull. Was that was that an overstatement, Clay, to say that what we just showed our viewers, which is a bunch of red arrows, each one representing, by the way, a ship, the number of ships in that body of water is probably going to determine the path of oil and natural gas prices. Hey guys, good afternoon.Good to be with you. I think that the illustration that you showed basically ...

Stephen, how much risk premium then has been factored in levels we see today, given the upside pressure on oil prices is now relatively muted in the context of this significant geopolitical event. You know, oil prices are still up 10% since Israel launched the strikes on Iranian nuclear sites about two weeks ago. A week and a half ago.So we are still in a risk premium situation. Prices are higher than where the fundamentals show. But I think today's move in the market is pretty indicative of where we stand. ...

Joining me now are Haleem Croft from RBC Capital Markets and CNBC's Pipa Stevens. Hale Lima, there's a lot of talk about uh the straight of Hormuz very narrow passageway from the Persian Gulf out into the ocean. I think what something like a quarter of all Yeah.A fifth of all oil consumed globally passes through here. Iran might not shut it down, but why is it such an important choke point. I mean it is the key choke point for oil and I think a lot of the conversation today has been well Iran hasn't closed ...