The Stack: Iran Strait of Hormuz Crisis and Trump Ultimatum Explained
Global energy markets are feeling the shock as Iran effectively shuts down the Strait of Hormuz, a critical oil chokepoint responsible for roughly 20% of the world’s supply. In this episode, Todd Huff explains why skyrocketing gas prices are not the result of true inflation, but rather a supply disruption driven by geopolitical tension. This distinction matters—and it’s often misunderstood or misrepresented in today’s media.
Meanwhile, President Trump has issued a dramatic 48-hour ultimatum to Iran: reopen the Strait or face devastating strikes on key infrastructure, including power plants. The stakes are high, and the clock is ticking.
Todd also reflects on the passing of former FBI Director Robert Mueller and weighs in on Trump’s controversial reaction. As always, the goal is clarity—cutting through emotional narratives and helping listeners understand the deeper economic and political realities shaping today’s headlines.
🎧 Listen to Today’s Episode
📰 Stack Links
Donald Trump Issues 48-Hour Ultimatum to Iran: Open the Strait of Hormuz or Face Disaster
Iran Launches Ballistic Missiles at Critical UK-U.S. Strategic Airbase Diego Garcia
European Countries and Japan to Help Secure Strait of Hormuz to Stabilize Energy Markets
Trump to Iran: Open Hormuz in 48 hours or U.S. bombs power plants
Iran threatens ‘zero restraint’ if US makes good on Trump’s ultimatum
Trump Blasts Robert Mueller After News of Ex-FBI Director’s Death
Trump Threatens to ‘Obliterate’ Iran Power Plants if Hormuz Not Reopened
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📝 Transcript: Iran Strait of Hormuz Crisis and Trump Ultimatum Explained
The Todd Huff Show – March 23 , 2026
Host: Todd Huff
Todd Huff: Conservative, not bitter. Indeed. My friends, it is my pleasure to be with you here today. I'm going to take a little bit of a pause. I've been really enjoying. I hope you have too. I've been really enjoying what we've been doing here on this program for the past. I guess it was eight episodes. I think that's right. Talking about some fundamental underlying ideas upon which we can build our political philosophy. And framework, and it's a framework that we can provide to others as we try to explain these concepts, because again, as I've said on this program, throughout this series, in particular so many times.
Todd Huff: There's such an inclination in today's world to make politics about something that's emotional. For people, and people have strong feelings. But really not a whole lot behind those feelings as far as it concerns the logic of where they land on a particular issue and so forth. Anyway. We're going to put that on, I guess pause here. For today because I owe it to you to keep you informed. Which I know you stay informed, but to talk about some issues that have been happening out there. And I want to give an update on what's happening here in the war with Iran. I also want to talk about Robert Mueller, who passed away over the weekend, and Trump made some comments that I want to address.
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Todd Huff (Sponsor): It's a quick and easy assessment that you can do there, my friends. 4:8 Financial because your money should work for your values, and my friend's certainly not against them. So, that being said, let's talk here about what's happening. What's happening in this conflict with Iran since we last spoke about this. Even over the weekend here. Iran has fired two ballistic missiles at Diego Garcia. Now, Diego Garcia is a U.S. military base. I think it's a joint military base with the UK, I believe. But it's in the Indian Ocean. It's approximately 2,500 miles from Iran.
Todd Huff: Now I point this out because it was previously believed that Iran's capabilities, their range for their ballistic missiles was about half this range. Somewhere around 1200 miles or so. So these missiles, two of them were fired at Diego Garcia. It needs to be pointed out, nothing was hit. Nothing was damaged. One of the missiles actually failed. The other was intercepted by missile defense systems. Now, depending upon who you listen to, where you've tuned in all that kind of stuff. If you listen to the mainstream media, of course, this is a concerning development because it shows that Iran has demonstrated an extended range for their ballistic missile capabilities.
Todd Huff: Now, I'm not here to argue that too much. I don't know. Listen. Who knows what we actually, inside the intelligence community, know about these things. The most important thing to note here is that the missile did not hit its intended target. Now you can say a lot of things. You can say that this was to demonstrate to the world that the Iranian military capabilities, capacities, that they are better than what we realize in the United States and around the world. Respectfully, I say that that's hogwash. I said that? That's hogwash because, again, I live in a world of, well, Rush used to say he was the mayor of Realville.
Todd Huff: And I think I've assumed that title. Listen. If the missiles aren't hitting our bases, all you're really showing here is that you've got the potential to get a missile a certain distance. It's not able to do damage, though. At least these weren't. I'm not here to say that it never can. I'm simply here to say that this is being overblown if it's being framed as a major Iranian win. So that's happening. But the main, look, the main issue that we're dealing with right now is what is happening in the Strait of Hormuz now.
Todd Huff: For those of you who followed politics for some time. You've probably heard of the Strait of Hormuz or if there is some geography nerds in our group. I gotta tell you, my son. My son because of his fascination with aviation. And because of the fact that he's on flight radar or some sort of program like that, some sort of app, the kid has learned geography like I've never. Listen, I feel like I have a pretty good idea about where many places are. There's some countries you could name that I would say, I don't know. I couldn't point that out on a map. But he can amazed just by looking at maps and flights as much as he's done.
Todd Huff: He's learned these things. But the Strait of Hormuz is something of a geographical, it has a high geographical importance and it's located off the coast of Iran. And it is in, basically, it's a very narrow, very narrow waterway. It's a choke point for where oil and other things, by the way, but particularly oil, is shipped leaving the Persian Gulf and heading into the Gulf of Oman. Now this is it takes a really sharp turn. Again, it's a very thin body of water, but that's relative to the Persian Gulf size and the Gulf of Oman. And when you look at this on a map, it takes a, I mean, you could say close to what, a 90 degree turn.
Todd Huff: And it's, it's a choke point. And so the Iranians basically have, for all intents and purposes, shut this down. And so roughly 20% of the world's oil is reported to flow through this, through the Strait of Hormuz. And what this is doing to the price of a barrel of oil is causing it to skyrocket. In fact, you've already seen and felt the pain at the pump. The prices for regular gasoline, I believe average somewhere in the vicinity of 360 to 390 nationally, diesel is significantly higher. In fact, in my part of the country, diesel prices depending upon whether you get it from a gas station or a truck stop.
Todd Huff: Truck stop diesel is, I will say, I will say almost always, but I think it's practically always more expensive there. It's, it's, it's over $5. At least here. We have a couple of truck stops that are not too far from me, and I think both of them are 5, around 550 somewhere. 530, 5, 40, I think maybe even up to 560 a gallon. And so this is the highest that I've seen this. In fact, the last time I remember gas prices doing this was in, well, almost this exact time of year in 2022. I know this because we were on, we were traveling on the Truth Tour.
Todd Huff: And we were in New Mexico, and I remember seeing diesel prices there hit and eclipse $6. $6 a gallon. I remember this very well because I was again, I don't want to say shocked. This was in the era of bidenomics and everything that was going on there. This is a different phenomenon, by the way, this is a great lesson. A great teachable moment for those who want to understand economics. So I've long explained on this program what inflation is. Now we've gotten lazy. We've gotten lazy today in the media, and I would say intentionally, they've been intentionally deceptive.
Todd Huff: To try to get us to believe inflation is just anytime the prices, prices rise. And that from a practical perspective, I get it. If you're paying for something at the grocery store, if you're paying for gas at the gas pump, whatever, and the price is increasing at some level, not just at some level. It may be conceived and maybe considered to be some sort of intellectual exercise. It's just, it's academic why the price is going up. It's to some degree, right. I understand that I got to pay this. It doesn't really matter. I got to figure out how to make ends meet in my home and adjust for these sorts of crazy price spikes.
Todd Huff: And by the way, you talk about, especially diesel, which I know most people aren't using diesel for their personal vehicle, but I'm telling you, you talk about everything. Everything that we buy virtually is contingent upon fuel prices. If we travel, if we travel by aircraft, if we shop at a grocery store, these things, these things end up at places by being hauled on, well, by big rigs. By, we call them semis here on my part of the state. Some people might call them tractor trailers. Whatever, but the 16, 16 wheelers, they are 18 wheelers, at 18 wheelers, I think it is.
Todd Huff: Anyway, the price of fuel is a big factor in the cost of all these things because you got to get it shipped, and that's, you know, they're going to start passing that cost along. They can't just eat that. At least not indefinitely. Maybe, maybe for a little bit. I don't know. It depends on a lot of things. But this is going to be felt in the American's wallet. It already is at the gas pump. But inflation, inflation and prices going up are not synonymous. All, all inflation relates, or I should say turns into prices going up at, well, prices going up.
Todd Huff: All inflation results in price increases. But not all price increases are due to inflation, and this is a perfect example. We don't have high truly inflationary percentages right now. Now, if you just measure it and say how much things are getting more expensive, certainly things are getting more expensive. Because, because of what's happening in the Strait of Hormuz, which is again where the Iranians are interrupting the flow of oil through there. Now they've come out and said, I read this last week that they were only trying to prevent US and Israeli shipments from going through there.
Todd Huff: Everyone else could ship through there. I don't think that that's practically the case. That's the messaging that they want to use. They've effectively shut this down. People are afraid to ship oil through there. I saw a report on television last week where people were holding their ships because they didn't want to get through there and, you know, get struck, have a, get, get struck by a missile or who knows, be boarded by the crazy Iranian regime or whatever else. And so this is obviously created problems. The markets are reacting to this pressure, this tension, and this is what we've, we've got.
Todd Huff: But that's not true inflation. What true inflation is, and hear me, as I tap the mic here to make sure you're paying attention. Hear me say this. Inflation, and go back. Don't take my word for it. Go back and study the late great Milton Friedman. Milton Friedman was a phenomenal world class economist. Just absolutely brilliant. He used to do a lot. He used to go on Phil Donahue. He used to try to take economics to the masses and explain these very important concepts to the average person.
Todd Huff: And, you know, had some success. And obviously, a lot of people didn't care because that's just the way that it is, especially when, you know, there's not much direct threat to their particular lifestyle or no perceived threat. And so people, people oftentimes ignore these things. But he used to do a great job explaining these things, answering questions in pop culture about economics. Go back and look at some of these tapes from the 80s. Again, he was on with Phil Donahue, who was anything but a friend of conservatism. But regardless.
Todd Huff: He says inflation has caused by one group and one group only, and that's the federal government and specifically a phenomenon that is created when the government prints too much money. I've explained this. You know this. The money, by the way, money that's created in the economy. Well, it used to be off the printing press is now it's, you know, pressing a button to send deposits to banks. But that money reflects real economic output in the economy, and so the money is a representation of the value.
Todd Huff: And so if there's more dollars that have been created than the actual value, real value of economic output, then that's an indication of inflation. And the larger that gap is between the money created and the actual, actual economic output, the real value delivered to the economy, the larger the inflation rate is that's how that this works. But that's not what's happening here. This is a supply problem or a perceived supply problem, because Iran is threatening to, it's taking aggressive posture in the Strait of Hormuz.
Todd Huff: It's a narrow waterway, so it's not like you can just go cruising through there with that detection. You're asking for trouble, potentially. If you try to take your ship through there, then you got, you know, you start thinking of things like Captain Phillips. If you ever saw that movie or know that story, read the book, whatever. Where they were boarded by Somali pirates. What was it? The Maersk, what was the name of that ship? Anyway, it doesn't matter. Similar sort of thing, right?
Todd Huff: Where except for pirates, instead of pirates, you have, well, what's left of the Iranian navy interfering with things. And so it's a supply issue. It's not inflation. And listen, a teachable moment to explain the difference. And this is important to understand. Because as soon as this problem is fixed, and I want to talk here in a moment about how Trump is basically giving Iran an ultimatum to fix this problem or else. So we'll talk about that in a moment. But as soon as this particular problem is fixed.
Todd Huff: And the flow of oil can continue or resume going through the Strait of Hormuz between the Persian Gulf and the Gulf of Oman, this problem will begin to be alleviated, it will begin to fix itself. So that's where we're headed. Got other stops I want to make along the way, my friends, but before we do that, want to remind you that if you're dealing with discomfort or just tired of living off prescriptions and managing those side effects. You are not alone. A lot of folks looking for something natural that they can trust.
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Todd Huff: Okay, so what I'm trying to just square away here. I want to shift. I want to shift after the break from where we are. That reality of what's happening in Iran, some developments. The ballistic missiles we talked about the Strait of Hormuz being shut down and threatening Iran is threatening folks who have, well, who ship oil through there. This has caused global prices to increase. It's obviously a big problem you're filling it in your pocketbook. This is not good.
Todd Huff: There's economic pressures already on the American people. There have been. We're still digging out of the absolute chaos that was unleashed on the American economy by bidenomics. And so we're trying to navigate this. This is not a larger economic sign of weakness. This is a consequence for trying to deal with a radically insane and dangerous regime in Iran that, by the way, we have effectively decapitated. And so now we're just trying to, again, well, trying to keep this problem from starting right back up where it was after we stopped this war.
Todd Huff: So timeout is in order? I gotta take a break, my friends. Quick timeout. You're listening to Conservative, Not Bitter Talk. I'm your host, Todd Huff. Back in just a minute.
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Todd Huff (Sponsor): It's all about having a dedicated team to guide you each and every step of the way so you can focus on what matters most, your family, your goals, your future. Want real financial confidence in your financial life? Visit https://FullSuiteWealth.com that's https://FullSuiteWealth.com build your legacy, secure your future. So we talked a little bit about the Strait of Hormuz here as we've talked about what's happened in this Iranian war, again, we're taking a little bit of a pause from our series, which by the way, if you want to get access to all the things we've talked about in that series.
Todd Huff: To help give a financial framework, not financial framework, a political framework through which you can view politics and talk about it intelligently and help people see these very important things that we've talked about. All you got to do is sign up. Sign up to get the inner circle. It's totally free. We email links with background and all the stuff we've discussed and we get into it more in the inner circle. I don't have time to get to everything here, but we do there at the Inner Circle each weekday.
Todd Huff: All you have to do is text TRUTH to become a member, to join, to sign up again. It's totally free. Text TRUTH to 317-785-1030 317-785-1030. Okay, so we've got this problem in Iran. The war. We've got the Strait of Hormuz being shut down effectively by the Iranian military, the Iranian navy, and of course, we talked about their ballistic missiles earlier in the program. And so Trump has had it. Look, Trump is basically telling the Iranians, we're not playing these games with you any longer.
Todd Huff: In fact, Trump has given them an ultimatum. Trump went to Truth Social and gave, well, I think the truth. It may have been a press release, but he's made announcement here. And he basically said, look, if you don't open up the Strait of Hormuz in 48 hours, we're going to obliterate, we're going to obliterate your power plants in your country. Now, it's interesting or important to note that some of these, at least, are nuclear power plants. So Trump says, listen, if you're going to play games with our energy.
Todd Huff: If you're going to threaten people who are trying to simply engage in commerce, these are not people who are involved in the war that, by the way, your lunatics have helped create, have actually set up these circumstances that we are dealing with today. The ones who were chanting death to America, death to Israel, all that kind of stuff. Because of these circumstances and situations that you've created. We started this war, you got to threaten Israel. You've been dangerous for a long time.
Todd Huff: We talked about the start of this war, now we're talking about finishing this war. Hopefully finishing this war. Not just stopping the war, but actually winning it. Actually getting to a position where we can say that we have won the war by achieving our objectives. And part of the price, and of course, this did not come as a surprise or a shocker to the White House. They knew that this would be an Iranian response to try to cause global financial problems, especially when it comes to the global economy.
Todd Huff: When it comes to oil, they've wreaked havoc on the global economy when it comes to that. And this was not surprising. This was not something that was unexpected. But now we're here. Right. And now you begin to look at your contingency plans. Trump, of course, is dealing with having to create support or try to create support for this war by explaining what was at stake, what the risk was. What's been allowed, candidly, to fester in Iran and elsewhere over the course of several decades.
Todd Huff: We've had many administrations who have been asleep at the wheel. Many Americans have been asleep at the wheel, apathetic as to what's been happening. Global threats were on the rise, even when we pretended like they weren't dating back even to the 90s. It's amazing to me when things are good financially, we had the economic boom in the 90s, or you could say the economic boom in the 80s. Things were good economically. Iran is half a world away. It's just inconvenient to have oil prices be what they are.
Todd Huff: But it's not devastating. But it can be devastating to an economy, to global prices, it could impact people in a pretty dramatic way. And so the president knew this going in. None of this is shocking that this was going to happen here. But he's given Iran an ultimatum. You either do something about this or we're going to take out your energy, your power plants pretty much in the next 48 hours. Now, that was given, I think that threat, that ultimatum was given, I'm looking it up right now to pull up the article here.
Todd Huff: Did I? Let's see. Nothing is working smoothly on the device here. It is slower than you could possibly imagine, slower than a seven year inch as my family would say. This thing is not cooperating, so we're going to refresh this. But I think it was given over the weekend. So we're nearing the point, right? We're nearing the point where we're going to have 48 hours and then what happens? Right, then what happens? Are we going to, is Trump going to launch missiles immediately here?
Todd Huff: This is at RedState.com breaking Donald Trump issues 48 hour ultimatum on Iran open the Strait of Hormuz or face disaster written by Bob Hoge, H O G E. I'm thinking of Merril Hoge who used to play running back for the Pittsburgh Steelers. H O G E is the last name at RedState.com. Here's what he says in his article. President Trump fired off a social media post Saturday evening warning the Islamic Republic of Iran that if it doesn't ensure the crucial waterway of the Strait of Hormuz is fully opened within 48 hours.
Todd Huff: He will order the destruction of their power plants. The message said the clock starts as of the moment he posted, which was 7:44 PM Eastern time. That would have been on Saturday over the weekend. So here we are depending upon when you're listening to this. What are we in the final 12 hours? I mean, we may be past the deadline by the time you listen to this, depending upon when you hear it. But we're looking 48 hours later is Monday, Monday evening.
Todd Huff: So here's what the post said on, was Truth Social, I believe, right? Yes, I believe so. Here's what it says. If Iran, it might have been a tweet. Nevertheless, if Iran doesn't fully open without threat that part was in all caps the Strait of Hormuz within 48 hours hours in all caps from this exact point in time. The United States of America will hit and obliterate their various this all to follow is in caps power plants starting with the biggest one first exclamation point.
Todd Huff: Going back to regular font. Thank you for your attention to this matter. I thoroughly enjoy when he ends his post like this. President and then of course all caps again Donald J Trump. So what is, what does that mean? What's going to happen? Is it Trump, is it positioning? Is it rhetoric? Is it literal? Are we about to see another barrage of missile strikes, this time targeting these power plants including nuclear facilities which by the way I mean listen.
Todd Huff: These may be, who knows what's going on at these places, right? So these could be targets for any number of reasons, but Trump has made it clear they know what they're doing. They can stop this at any moment that they wish to do it. If they don't we're going to go after their energy since they've tried to create chaos in the energy of the entire world. So I should say with the energy of the entire world. So that's where we are. Lots of other things of course happening there.
Todd Huff: But that's all the Iran talk I can get into today. That being said I want to talk after the break about Robert Mueller who passed away. I want to talk about Trump's words, comments another post on social media. We'll get to that my friends after the break. Sit tight. Back in a minute.
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Todd Huff: So I mentioned before the break that I wanted to talk a little bit about the passing of Robert Mueller. Epoch Times says this former FBI Director Robert Mueller died on March 20 according to a statement by his family. That by the way was Friday. He was 81. Mueller served as the FBI director between September 2001 and September 2013. Most recently Mueller served as special counsel in charge of investigating alleged ties between President Trump's 2016 presidential campaign and yes of course you remember Russia Russia Russia.
Todd Huff: Mueller in 2019 reached the conclusion in his final report on his investigation into Russian interference in the 2016 presidential election. Long way of saying that that neither Trump nor any member of his campaign colluded. You remember that word my goodness that word was used as often during that period of time as the word gravitas was used in 2000 to describe the Bush Cheney ticket. Anyway the investigation did not establish that members of the Trump campaign conspired or coordinated with the Russian government Mueller's final report states.
Todd Huff: And this goes on. Listen you can get more information on the stack of stuff on the website. The easiest way to do it is just to sign up for the inner circle text TRUTH to 317-785-1030 317-785-1030. Just text the word TRUTH and you can get this. But that's Robert Mueller passed. But Trump had something to say as you can imagine Trump did. And so I'm going to read you his social post. I don't know if you've seen this or not. I'll tell you to brace yourself for this.
Todd Huff: Where's the full quote? Hold on here let me pull that just has an excerpt I want to read it in its totality and I know I've got it in here I know I've got it in here because I just read it. Here it is. Robert Mueller this is Trump's quote or post I believe again on Truth Social. Robert Mueller was a bad guy. He went after me with a fake investigation hurt a lot of innocent people and tried to take down a president who did nothing wrong.
Todd Huff: Here's the part I would say to brace yourself for. Listen some people won't be bothered by this others will. He says I'm glad he's gone. He couldn't hurt people anymore. He leaves behind a very troubled legacy. Now these sorts of things I've seen of course already people responding to this whether it just be locally or just whoever people responding to this. And people are bothered by this right. And I understand. I wish Trump wouldn't do this to be honest.
Todd Huff: Listen I know that the investigation Mueller's investigation was while I think it concluded the right thing it certainly did not do the president any favors for a long time as it was in the news cycle and I don't know. The whole thing was crazy as I went through from the very beginning with this. Listen blown away that people would be so enamored with this. We have to believe again I don't want to go too much into this I said this so many times before.
Todd Huff: But Trump you had to believe that first of all the last step in a conspiracy to steal an election was an advertising campaign which is preposterous as someone who's been in advertising to think that that's how that works number one. And secondly we had to believe a whole series of things about Trump that he had first of all not a bad enough cast of characters here that would have done the job for him he had to go to Russia somehow.
Todd Huff: Russia had social media marketing experts that were better at understanding how to manipulate Americans than were the American corporations the American social media people and so he went to Russia went and had probably drank with Putin right in the Kremlin even though Trump says he didn't drink we know he drinks right the media can't believe that Trump's a terrible guy of course he's probably drunk constantly if you listen to the media and what they want you to believe about this guy.
Todd Huff: And he colluded and he basically stole the election by tricking Hillary voters into voting for him by using Pokemon Go ads at the time Twitter Facebook everything else it never made any sense the last stage of a conspiracy to be an ad campaign and of course it was just a preposterous mess. And Mueller did a lot of bad things. But I just I listen I think that this is this doesn't need to be said especially in the wake of his death.
Todd Huff: Trump shouldn't have done that. I gotta go. Have a great day. SDG.