Oil and markets are recovering some for now from Marketplace. I'm Sabri Beneshore in for David Bruncaccio.

Good morning, everybody. If you are wondering where on the market roller coaster today has brought us, let me bring you up to speed.

The price of oil after soaring early Monday morning has come back down

some. Brent crude is still 30% more expensive than it was before the war, though. Markets

after dropping sharply have come back up. With us to sort through it all is Ben Kumar. He's

head of equity strategy at seven investment management.

Hi, Ben. Hello. So oil and markets have been on a very wild ride. Yesterday, they opened.

Things were looking very grim. Oil was well over $100. Now oil's back down around 90 or less markets have recovered. Why? I think there's

definitely a case of no news is always taken as bad news. So over the course of the weekend,

there was just enough time, a couple of days to see this isn't de-escalating. There is no quick

solution to ensuring ships to pass through the Strait of Hormuz. And Asian markets opened and the oil price spiked and Asian markets tanked. And, you know, I get why if you're Taiwan or South Korea or China, most of your oil or your gas comes through those straits. And, you know, the straight of all moves is a difficult place to

transit. You can't get insurance if you're an oil tanker. And that is an important economic choke

point in the world. President Trump said he's considering waiving some oil sanctions on oil producers

to keep energy prices down. Do you think that's a significant move? I don't think it's going to be a

very popular move other than in Russia

perhaps. The thing that I think is actually interesting is, you know, a lot of the byproducts of oil

that do come through the Middle East, whether it's sulfur, whether it's some of the other

fertilizers and minerals, you know, those are much more difficult to find replacements for.

Therefore, the potential for, I don't know,

longer lasting economic effects actually I think comes in the food space, not in the can you

drive your car to work space. Explain that a little further. Sure. So it's something like 50%

of the world's sulfur and something like 30 or 40% of the world's ammonia used in fertilizer is

...