Joining us now is Arjun Mertie. He is partner for energy macro and policy at energy consultancy Veritin and former equity analyst at Goldman Sachs. Arjun, welcome.So does lawyer lower oil today just reflect that investors believe Iran has been defanged. I think that's right. I mean, keep in mind, we probably had built as much as a 15 to20 dollar per barrel premium in oil over the last week versus where we were trading pre-Israel Iran and we're now in the process of eliminating that and I think the market is ...