Strait of Hormuz being closed is overwhelming, traumatic. Conversation is about what happens after it reopens. Must assume it reopens; if shut, not good for global economy.

Surprised Strait shut for weeks, already signs of demand destruction/lack of availability in Asia. Futures prices (Brent/WTI) understate true physical impacts. Physical crude in Middle East going for over $150/barrel.

It becomes a question for Asian countries: how do you get physical supply in?

Every little bit helps (SPR, Saudi pipeline diversions). But with outage of this quantity (20% of supply, maybe net to 10%), it's still 10x what normal flows can handle. Buying days, not months/quarters/years. Must figure out way to reopen Strait.