The market is a little more fragile, a little more on edge. The US is holding on a lot better than the rest of the world.

Equity markets tend to focus on the middle of the oil curve. Front-month crude is up 20%, two-year crude is up 5%. Equities respond more to that medium to longer term oil price.

The underlying fundamentals, earnings, economy, etc., are still pretty positive. People want to own this equity market. They're being held on the sidelines by these incredible uncertainties.

I would say definitely not, not right now. Europe and Japan are trading based on the higher exposure they have to energy cost inputs and shipping.

Most equity investors in the US were assuming this would last a week or two. If it goes beyond that, you'll start to see some of these pressure points get triggered.

I was quite surprised how quickly this became an inflation discussion. By Monday, we were already talking about all the inflationary impact.

To escalate significantly, you need to see successful attacks on NATO countries or a concerted effort to go after Middle Eastern oil infrastructure.

I don't think SPR does much. This is a question of when do military operations look like they've peaked and started to go the other way so I can start to shorten the duration on this so I don't have to worry about two and five-year oil prices resetting higher.