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Oil markets do not just run on supply and demand, they run on geography. When a single chokepoint turns into a pressure valve, investors feel it fast through crude prices, inflation prints, and sudden risk-off moves. We sit down with Clem Miller to unpack why Iran’s leverage around the Strait of Hormuz keeps expanding, and how the Houthis in Yemen can extend that leverage into the Red Sea and the Bab el-Mandeb Strait.

We walk through who the Houthis are, how they built real military capability, and why shipping threats are more than theater. When tankers and container ships detour around the Cape of Good Hope, the world pays in time, fuel, and higher insurance, and that cost can show up everywhere from energy stocks to consumer prices. We also talk about what it means when militant groups become de facto governments, using Yemen and Hezbollah’s role in Lebanon to frame what “investable” really means when security and politics do not align.

Then we pivot to a bigger question with huge market implications: Saudi Arabia’s nuclear ambitions and the fading credibility of anti-nuclear proliferation. We cover why enrichment matters, why incentives change once countries are attacked or threatened, and where nuclear energy could become an investment theme despite financing, regulation, safety, and NIMBY constraints. We close with the risk that could dwarf everything: the Taiwan Strait, semiconductors, and how a blockade could shock a tech-heavy economy without a single shot fired.

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Straight Talk for All - Nonsense for None

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Disclaimer - These podcasts are not intended as investment advice. Individuals please consult your own investment, tax and legal advisors. They provide these insights for educational purposes only.