Episode Details

Oil prices hit a three-week low as diplomatic whispers from Qatar and the U.S. hint at a potential breakthrough in the Iran conflict—possibly reopening the Strait of Hormuz, a vital chokepoint for global oil flow. Treasury Secretary signals a deal could come within days, while Iran pushes back on U.S. claims, citing its focus on border defense. Despite earlier price spikes fueled by Iran’s reported shipping demands, an overnight attack near Hormuz cast doubt on imminent resolution. With traffic down to a handful of ships daily—down from over 100—the world remains hostage to political shifts, having already lost 2.6 billion barrels since February’s conflict began.

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