Hello and welcome to the big mistake of the 2010 edition of Sleep Money, your guide to the business and finance news, not only of the week, but also of

the decade. We're going to be talking about the big news of the week this week, which is the

latest conflagration in Iran, which is related to, obviously, the price of oil, which has gone up. We're going to talk about

whether it's actually gone up over the long term or whether it's in long term decline.

What happened to the price of oil over the past 10 years? What happened to other assets

over the past 10 years? Whether things could have gone much better if only various governments

in the US and Europe had managed to get

their act together. And we're also going to talk about David Stern, who died this week. He ran

the NBA, which is an organization which runs basketball games. You may or may not know about

that. And Anna has stuff to say about that. So all of that is coming up in

Slate Money. So Anna, everyone is talking about geopolitical chaos right now. The US is killing

Iranians and this is causing oil to go up and stocks to go down and people to worry about war.

And what I love is if you could help us just take about 30,000 step backwards and put this

in perspective for us in terms of like how important is, you know, Iranian oil supplies and that kind of thing

to the global economy and what's happened to the price of oil and why does it matter and,

and what, you know, that kind of thing. Right. So, I mean, I think the number one thing to

understand is that, you know, oil prices have been, you know, significantly lower than where they were, you know, about a decade ago, when you had very, very high oil prices. Then in 2014, oil prices really tanked. And now they've been in kind of this mid range, right? And so give me some numbers here. So oil prices recently, if you're looking at Brent Crude, which is like the global benchmark, it's been, you know, just like around $70. If you're looking at WTI, which is more like the U.S. benchmark, that's been more like a little over $60. That's like recently. Yeah, exactly. And that's basically where you've kind of seen oil prices sticking. You know, they've gone up, but they've gone down. But that's really around the range that you've seen. And so, you know, when you have movements like this, where you

have, you know, an Iranian general being killed and then you have Iran saying they're going to

retaliate. Obviously, that's going to cause a spike in oil prices. People think supply could

potentially decline.

And supply declines because there will be less Iranian oil on the world market?

Yeah. And then also the idea that if there's more tension in the Middle East, that could just

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