POWER POINT

What I'm hearing from energy insiders

So… what now?

It seems to be the question many in the energy markets are asking. We are about to enter the ninth month of the Iran war. Or Iran "conflict." At this point, it's not very clear what to call it. The only thing right now that's "clear" is that very little is clear.

What we know… now.

Oil is moving through the Strait of Hormuz. Most Gulf nation export volumes are well up from their lows. Iran volumes are the exception. Those are down to the point of almost being nonexistent. From the little information that trickles out of the mostly closed country, it seems the Iranian economy is crumbling. Iran's currency is losing value, and people I speak with who have family there tell me they are increasingly worried about more economic pain ahead.

Iran has one main source of money: oil. Without oil, there is little money. Without money, there is little ability to buy the weapons, drones, and missiles that cause havoc and spread fear in the Gulf.…