From the New York Times, I'm Natalie Kittrowaf.

This is the Daily.

As the war on Iran enters its second week, concerns about a global energy crisis are growing.

In the last week, as Iran tightened its chokehold on one of the world's

most vital shipping routes, and the Trump administration sent mixed signals about how long

the war would last. Oil was on another roller coaster again today. Oil prices have swung wildly.

It shot up like a geyser to $19 a barrel.

They surged to their highest levels in years.

Today, oil prices closed down about 9% at $86 a barrel.

And then suddenly plunged.

The war with Iran is impacting 20%, a fifth of the world's oil supply, making this the

worst oil disruption the world has ever experienced. Today, my colleague Rebecca Elliott,

on how the volatility has exposed just how much the world depends on the narrow waterway

at the center of the growing crisis, the straight of Hormuz, and how

quickly shutting that straight down can throw global energy markets into utter chaos.

It's Wednesday, March 11th.

Rebecca, welcome to the Daily, first time on the show.

Thank you for being here.

Yeah, thanks so much for having me, Natalie.

So we are coming to you because you are, I think it's fair to say,

an undisputed authority on oil here at the times.

And over the last week, the concerns over the war in the Middle East have

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