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I'm John Bachelor, the price of a barrel of Oil. Michael Bernstom, the Hoover Institution,

joins. He's guided me on the sanctions regime against the Russians for the attack on Ukraine all these years, and now the twist of the Strait of Hormuz. Within these last days, this headline

from Europe, world's top energy traders wrong-footed in

early days of Iran war. Oil traders, writes the F.T. that normally thrive on volatility, caught

out by scale of crisis as energy shock unfurled. That's old news. That's the beginning of April.

We're now into so-called ceasefire.

It's worse.

It's much worse.

And here's Michael to explain how the Strait of Hormuz is open, but it's not open.

Good evening to you, Michael.

Good evening to you, and you can make a lot of money and lose a lot of money on

speak relation on the oil market.

This morning, after the ceasefire was announced, oil fell from $708 per barrel to 90.

And then there was the news that there is no reopening or there was a reopening and only two

tankers went through and then around closed or suspended traffic in the state of Hormuz again

...