Diesel is at a record in America because two governments are arguing over who gets to charge the toll. Read Article 5 of the deal the US and Iran signed in June. Ships could pass through the Strait of Hormuz "with no charge, for 60 days only." After that, Iran and Oman would define the strait's "maritime services." A maritime service is a fee. The 60 days ran out in August, and the strait has been a shooting gallery since. This week Iran went further. Any ship entering its new exclusion zone goes on Iran's sanctions list. Iran's. So one of the most sanctioned countries on the planet has decided to wield that weapon itself. The US Secretary of State answered in tankers. Five destroyed overnight. Brent is above $100. In seven days the Fed meets to fight inflation. This inflation was made by drones over Saudi refineries and strikes off Kharg Island, and the tool they will use on it is the interest rate on your mortgage. Every currency in this story has a 'strait' attached to it. Somebody can close it, toll it, or blockade the ships that carry it. Bitcoin's supply has no strait. There are no ships. It was the same size the morning the refineries burned as it was the night before, and it will be the same size the day the Fed meets.