Michelle Brouhard explains what’s at stake for energy markets as Middle East tensions rise. “Right now the movement in the Strait [of Hormuz] is a trickle,” she says, with two ships already sunk as Iran tries to close the Strait. If the campaign lasts several weeks, as Trump has hinted, it could have significant impacts on European and Asian energy supplies. Michelle says this looks like the “Arab Spring” trade, taking a look at oil’s moves during other major disruptions.