Donald Trump has been all over the place on the global oil shock created by his war amid Iran’s closing of the Strait of Hormuz. Earlier this week he angrily claimed that the price hikes are a small price to pay for world peace, adding: “ONLY FOOLS WOULD DISAGREE!” But on Thursday he offered some bizarre new spin, claiming that the U.S. “is the largest Oil Producer in the World, by far, so when oil prices go up, we make a lot of money.” The idea that “we” all benefit prompted intense criticism and underscores his chaotic approach to this fiasco. Meanwhile, CNN reports that Trump officials have started to “panic” and are in a state of “alarm” about the situation, even as its global impact is rapidly worsening. We talked to international relations expert Nicholas Grossman, who’s been arguing that the Iran saga is catching Trump off guard. We discuss why the oil shock’s consequences are so dramatic, how this all reveals the limits to Trump’s bullying powers, and what it all says about MAGA’s tendency to underestimate resistance to its designs. Listen to this episode here. A transcript is here.