Episode 104 opens with the global energy crisis coming into sharp focus. Kuwait exported zero barrels of oil in April for the first time since 1991, global inventories are heading toward all-time lows, and market analysts are projecting oil prices well above $150 a barrel within weeks. Ghost plays a newly surfaced Soleimani lecture from the 1990s where the IRGC commander taught officers the exact asymmetric warfare strategy now playing out in the Strait of Hormuz, and connects it to Trump's understanding of the Iranian playbook. The ceasefire holds in name only as the US launches Project Freedom convoy operations, Iran attacks the UAE for two consecutive days including a strike on the Fujairah oil port, and Iran releases an expanded maritime control map. Ghost then tracks the UAE banking crisis, capital flight, and Trump's currency swap discussion alongside the Sharjah independence rumors circulating widely on social media. The episode closes with Israel's political opposition consolidating against Netanyahu, the ex-Shin Bet chief calling him dangerous, and Smotrich publicly attacking the Bennett/Lapid coalition.