There seem to be three themes driving markets today. The combination is a bit scary. Natural Gas There are lots of issues surrounding Iran and the U.S. While nothing has been done to the Strait of Hormuz that cannot be undone quickly (allowing shipping), it remains closed. There may be a point where naval escorts are provided to encourage shipping, but the disruption hasn’t become enough of a problem for that. More importantly, the U.S. and Israel probably still need to identify and eliminate more potential threats to safe passage. The Iranian strikes have looked more effective of late. That ... Three Themes Driving Markets