Oil markets are pricing uncertainty, not resolution. Yuriy Humber (Japan NRG Platform), Arne Lohmann Rasmussen (Global Risk Management), Iman Nasseri (FGE NexantECA), and Bill Spindle (Energy Analyst) assess whether “talks” are real or just delay, as Hormuz control tightens and LNG markets flip from surplus to scarcity. The panel warns of a world without Hormuz, with demand destruction only kicking in at $250–$300 oil, while Asia feels the pain before the West. Listen in for a clear-eyed take on where this crisis heads next.