I'm John Batchel. I welcome my good colleague Michael Bernstein, I'm in the Hoover

Institution, my guide on sanctions from

the U.S. and from Europe on Russia for its aggression in Ukraine. However, the war in Iran has turned

everything topsy-turvy. I begin, for example, with the Federal Reserve, sticking with

its plan to cut rates one time, Mr. Powell indicated this year, as the Iran war sends energy prices soaring.

That word soaring is applicable because energy touched one-ten a barrel sometime during the trading day.

We also have this that alarmed the markets late in the day.

Iran inflicts extensive damage, that's a

quote, on the side of the world's largest LNG plant in Qatar. So, oil and natural gas, two

pieces of the energy puzzle. I mentioned also in these last days, the Trump administration

temporarily lifted sanctions on Russian oil already at sea.

That's the shadow fleet to increase the global supply.

But there's dissent.

German Chancellor Friedrich Merritt, one of the strongest nations on Earth, but certainly

the strongest in the EU and NATO, criticized the Trump administration's

decision to temporarily lift sanctions on Russian oil to lower energy prices.

There is not uniform opinion of what is to be done.

We begin with the price of oil, however, per barrel.

Michael, a very good day to you.

Once upon a time, the Russians had to sell a barrel of oil, however, per barrel. Michael, a very good day to you. Once upon a time, the Russians

had to sell a barrel of oil cheaper and cheaper and cheaper because the pressure was on them

and they could only get their oil to India and China. Reverse of fortune. Now, Mr. Putin is making

...