Let's shift our focus now to the war's impact on the global energy market.

Oil and gas prices spike today as the regional conflict escalated and shipping was disrupted

in the Strait of Ormuz.

About 20% of the world's oil and liquefied natural gas flows through the strait every day,

making it one of the most crucial oil supply routes on the planet.

William Brangham joins us now with more.

At least five tankers have been damaged in the vicinity of the street since Saturday,

and traffic slowed dramatically there over the weekend.

Separately, Iranian drones continue to attack energy infrastructure in different Arab Gulf states.

Today, those attacks damaged an oil refinery in Saudi Arabia and halted the production of liquid natural gas or LNG in Qatar.

So to help us understand these impacts and implications, we are joined by Dan Pickering.

He's the chief investment officer at Pickering Energy Partners, which is a financial services

and advisory firm that is focused on the energy industry.

Dan, thank you so much for being here.

Let's pick apart some of these different impacts.

First, on the markets.

What happened with oil prices today?

Yeah, William, we had a strong rally at oil price, up 7%. WTI, the U.S. benchmark, was about $72 a barrel.

It was actually up less than many people expected. So the markets did better, the broad stock markets did better, and oil didn't rise quite as much as expected, but still up strongly.

And we mentioned the importance of the Strait of Hormoos and the attacks and the trickiness of what's going on there right now.

What do we know is the latest happening in the strait?

Now, the latest is essentially tanker traffic has slowed to almost nothing.

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