Brent Johnson Milkshakes Pod, Released on 4/5/26

The ships that last safely transited the Strait of Hormuz before its closure on March 4, 2026 are arriving at their destinations this weekend. This presentation, built from JP Morgan, EIA, IEA, and UN data, walks through exactly what that means — what’s on those ships, who depends on them, and what happens to fuel, food, fertilizer, and industrial supply chains when the pipeline runs dry. We cover the impact region by region and then look two scenarios forward: what happens to food prices if crops aren’t planted due to energy shortages, and what happens if they are planted but fertilizer delays slash yields by 20-40%. Drawing on lessons from the 2008 and 2010-11 food crises, the data paints a sobering picture. Even if the Strait reopens today, the disruption is already locked in for the next 4-6 weeks minimum — and the agricultural consequences could echo for 6-12 months beyond that. All this and more on this week’s episode of Milkshakes, Markets, and Madness…

Brent Johnson is the CEO of Santiago Capital and publisher of The Macro Alchemist. Brent brings twenty five years of experience in the financial markets to his position as CEO of Santiago Capital where he manages the portfolios of high net worth individuals and families via separate accounts and private funds. Brent worked more than nine years as a Managing Director at BakerAvenue, a $2 Billion Asset Manager and Wealth Management firm. Before joining BakerAvenue, Brent spent nine years at Credit Suisse in their private client group. He joined Credit Suisse in the fall of 2000. Earlier in his career, Brent was a financial auditor for Philip Morris Management Company in New York City.

  brent johnson, commodities, inflation, iran war