Good Wednesday morning. Welcome to Squawk on the Street. I'm Sarah Eisen with Mike Santoli. Today we are live from Post 9, as always, at the New York Stock Exchange. David and Carl are out today. Coming up this hour, is the easing of tensions in the Middle East for real? We'll talk to former Israeli ambassador to the U.S.

Michael Oren about the reported U.S. peace plan for Iran

and whether Israel will be on board.

Plus, Goldman Sachs credit expert Johnny Fine with us

as more concerns creep up around the private credit market this week.

And we are on Supreme Court watch again

as we await a potential decision this hour

on President Trump's authority to fire Fed Governor Lisa Cook. We'll bring you the headlines as soon

as we get them. But Mike, you know, everybody's watching oil prices as a barometer for how the

market is feeling about the Iranian tensions. I decided today to present three other charts to watch because things

are moving as a result of the war in Iran. So the first one we have here is fertilizer. We hear

a lot about the Strait of Hormuz being a key transportation hub for oil prices. 20% of the

global oil shipped through there.

Well, guess what?

About a third of fertilizer.

So we did urea prices, which are spiking.

They're not as liquid and traded as some of these like oil and gas commodities.

But, you know, this is obviously a huge deal.

And urea fertilizers, I guess, the most popular kind of nitrogen-based fertilizer.

The Middle East is key supplier, and Strait of Hormuz is key when it comes to shipping the fertilizer.

People are worried about the spring planting season, which can start as early as March.

There are, I guess, alternatives, and we do make a lot of fertilizer in this country. But globally, this is when you have to worry about spillover effects on inflation, like food. Exactly. Yeah. I mean, that's the reason also that there's considered to be this very narrow window time-wise, when, you know, you might be able to have this be kind of a quick interruption. Obviously, it's going to get prices getting through, but maybe it's not something that you have to extrapolate for months on it. I totally agree. And that is a thing. It's short-term and long-term here when it comes to some of these prices and also the cost of inflation. But how about diesel? You know, we talk a lot about gas prices going up, but diesel

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