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Hello and welcome to another episode of the Odd Lots podcast. I'm Joe Wisenthall. And I'm Tracy

Alaway. Tracy, it's April 9th, 905 a.m. There's a ceasefire-ish. It's sort of, there's been

something announced that's called a ceasefire. there does not seem to actually have been much

of a cessation of fire per se. Maybe it's slowed down a little bit. Some of the headlines this

morning are about Israel continuing to strike hard in Lebanon. Iran's saying that, well, if there's no

ceasefire in Lebanon, there's no ceasefire at all. But, you know,

overall, at least as of right now, you know, the market, et cetera, we saw that huge drop in

oil Tuesday night. You know, the market's still sort of, still sort of buoyant, right?

Still sort of resilient. Well, I think the important thing for the purposes of this particular

discussion is if you take a look at what's going on in the Strait of Ormuz, it still seems to be shut, more or less.

And shout out to the Bloomberg function, Ecan, Hormuz Go.

You can see the number of ships that are going through that particular choke point.

And I have two as of today, which is basically

nothing. Two today. There was some, there were some headlines about how maybe even in the good

case, they would lead through 10 to 15, which is still sort of nothing compared to normal

ship traffic. So like nothing's back to normal. I was going to say to your point,

I think the thing that's confusing everyone is we keep seeing these headlines about like a billion

barrels lost of world supply or 20% of the world's oil supply now choked out because of the

Hormuz situation. And yet, if you look at the oil price, you know, WTI,

Brent, you're definitely up, but they're not up as much as you might think given the scale

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