Well, it was a day of major volatility in global energy markets, and a moment of real concern for consumers, oil prices briefly surged overnight, coming close to $120 a barrel levels we haven't seen since 2022.

But by the end of the day, prices had fallen sharply, finishing closer to $87 a barrel.

Even so, that's still much higher than before the war started when oil was trading closer to $87 a barrel. Even so, that's still much higher than before the

war started when oil was trading closer to $72 a barrel. Drivers are already feeling it.

The national average price of gasoline per gallon has risen nearly 50 cents since the conflict

started. We're joined now by Daniel Yergan, Vice Chairman of S&P Global and a widely watched expert on energy, geopolitics, and economics.

He's the author of several books, including The Prize, the Epic Quest for Oil Money and Power.

Thanks for joining us.

Thank you.

We have seen extraordinary volatility in oil markets.

Prices briefly spiking overnight before falling later today.

What's driving these swings right now?

What drove the prices up, of course, was the shutting of the Strait of Hormuz, through which

passed 20% of world oil and 20% of LNG, liquefied natural gas,

amplified by the fear of attacks on the very extensive infrastructure on the Arab side of the Gulf.

And that was what drove prices to the level you're talking about.

And now they've come down because the president says that this war may soon be over.

And prices now, you compared them to 72, but if we really go back to where the prices were

before the military buildup began, which is around $60 or so, there's still a good deal higher,

but nowhere near that 120 that you were talking about.

You wrote recently in the Financial Times that the world could be facing a potential nightmare scenario.

I hear you say the markets are responding to the president's latest comments.

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