This is Macro Voices, the free weekly financial podcast targeting professional finance,

high net worth individuals, family offices, and other sophisticated investors.

Macrovoices is all about the brightest minds in the world of finance

and macroeconomics telling it like it is, bullish or bearish, no holds barred. Now, here are

your hosts, Eric Townsend and Patrick Suresna. Macrovoices Episode 533 was produced on May 21st,

2026. I'm Eric Townsend. Another week has passed

in the Strait of Hormuz is still effectively closed. As of recording time, there were

rumors flying about that yet another deal was supposedly imminent. But we heard that story

several times before, and it didn't happen. Many of you who aren't

professional crude oil traders don't know the name Morgan Downey. But for almost everyone who's a

pro-oil trader, Morgan's 2009 book, Oil 101, is as familiar as Keynes or Hayek. Morgan joins me as a

first-time guest to talk about this crisis,

and Morgan says that we've reached the point already now,

where the buffers and safety margins have all been consumed.

Morgan says if the straight stays closed for another month,

we'll be looking at $150 to $200 oil prices.

We'll discuss why he sees that outcome, along with several other dimensions of this crisis in this week's feature interview. Then be sure to stay

tuned for our post-game segment when Patrick's trade of the week will explore a setup built around

Morgan Downey's view that this oil shock may have consequences well beyond the next headline,

creating a broader aftermath story for energy markets.

And then we'll have our usual coverage of all the markets with Patrick's post-game chart deck.

And I'm Patrick Suresna with the macro scoreboard week over week as of the close of Wednesday, May 20th, 2006. The SMP 500 index down 15

...