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I'm John Betts with my friend and colleague Gregory Copley, and we're reviewing where we are in multiple wars that might all be one war.

The war in Ukraine continues, the war in Iran continues, the war in Lebanon, the IDF in action against Hezbollah, which is an arm of the Iranian government in Tehran. We also have conflict or tension and potential conflict in the Americas, Cuba and Venezuela. And I don't leave out Asia. It's just that's enough for now. I come to the meaning of the

Strait of Hormuz closing, mostly closing, and Russia and China. Gregory, I come up with a

formula that seems simple-minded, and I want to make sure that I've got it right. For China,

the Strait of Form moves and the access to

oil from especially Iran is vital to maintain their economy. Vital. They have other sources,

but oil is a big hole to plug, even for their coal and nuclear. And then I come to Russia,

which was making $150 million extra a day in the beginning

of the blockade and oil has gone up since then. Russia is doing very well, closing its budget gap

after all these years of war. These are allies. One gains, one loses. Do they need to resolve it?

Well, the answer is ideally they could resolve it.

But when you look at it in the bigger picture, the oil prices at the pump have not, or gasoline

prices at the pump, have not gone up dramatically since this conflict started. We're still seeing,

for most of the United States, for example, and most of Europe, the petrol at the pump

price being lower than it was during the Biden years in the United States. So this is not a

...