I'm John Bachelor. The Iran War and the markets. I welcome Max Mlisch of the Foundation for the Defense of Democracies,

a research fellow writing for the National Review online about the markets, about the war,

an asymmetry. You've heard much of asymmetry as an advantage for those like Iraq or Afghanistan that could use tools that wouldn't necessarily

be expected to go up against the U.S. Navy or the U.S. Air Force. And yet, Max, a very good evening

to you. The asymmetry now is the straight of our moves. We can agree on that being used.

Yes, used routinely. But you're talking

about an asymmetry that Iran knows to use on the markets. And by that I mean the oil market,

of course, the energy markets, but everything is touched by the Strait of Formos, including

important fertilizer market.

So how does it work from Tehran's point of view?

What have you discerned?

Good evening to you.

Good evening, John.

It's nice to be back on the show.

You know, the idea behind this piece was looking at some of the recent statements the Iranians

have made when the markets have actually responded

positively to some news development, whether it be a change on the ground or some remark from

Trump. And what we're seeing is that the Iranians have this strategy of essentially denying

anything that's positive in the market. So Trump is fighting two battles right now.

We've got the battle in the skies, and arguably the United States is dominating overwhelmingly

in that against the Iranians. And then there's this battle for the markets, which is extraordinarily

important and has consequences that go extensively beyond the reach of U.S. influence.

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