Ever since the U.S. and Israel began bombing Iran, the Strait of Hormuz has become the most-watched shipping lane in the world economy. The strait itself is just a narrow waterway between the Persian Gulf and the Gulf of Oman, but much of the world’s oil and other crucial material, such as industrial helium, flow through it. Now, after weeks of bombing and retaliation, the strait is gummed up, with hundreds of ships stranded, little traffic, and no end in sight. We’re already seeing prices at the pump begin to spike, and the stock market has cooled, but according to our guest, we haven’t actually felt any true material shocks—yet.

Today on the show, Matt Stoller and David Dayen talk with Salvatore Mercogliano, former merchant marine, maritime history professor at Campbell University, and host of the popular “What’s Going on With Shipping?” on YouTube. Together they break down what’s happening, why the high prices we’re seeing at the gas pump are only a precursor to actual shortages, and what to look for as we begin to feel the supply chain pinch.

Listen via Apple, Spotify, or wherever you get your podcasts.

Matt Stoller is research director at the American Economic Liberties Project and the author of Goliath: The 100-Year War Between Monopoly Power and Democracy.

David Dayen is the executive editor of The American Prospect. He is the author of Monopolized: Life in the Age of Corporate Power and Chain of Title: How Three Ordinary Americans Uncovered Wall Street’s Great Foreclosure Fraud. He co-hosts the podcast Organized Money with Matt Stoller. He can be reached on Signal at ddayen.90.