James Lankford: “The Strait of Hormuz has had a backup of a lot of oil in…”

“… referred to I guess as the MoU memory of understanding and where we're at with those negotiations with respect to Iran. Yeah, this let me back up a little bit. The Strait of Hormuz has had a backup of a lot of oil in tankers there. And so we all knew that as soon as the strait opened that there would be a flood of oil that hit the global market and would drop prices fast.” (00:46–00:51)

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