Fox Business host Stuart Varney on Monday couldn’t help but notice amid the ongoing war on Iran launched last month by President Donald Trump that the prices of oil and gas have begun to skyrocket, asking his guest in seeming shock, “It’s bad news all around, isn’t it?”

“Jeff, we’ve got oil this morning at $102 a barrel and we’ve got gasoline at $4 a gallon,” he told Jeff Sica, the founder and CEO of Circle Squared Alternative Investments. “What’s the effect of these high energy prices on the housing market? It’s bad news all around, isn’t it?”

The investment adviser confirmed as much.

“It is bad news, Stuart,” said Sica. “And high energy prices are kryptonite for the housing market. And the housing market, the best way to describe the housing market has been a blood-stained hellscape because of what’s happening with interest rates.”

While the “Varney & Co.” host chuckled at Sica’s vivid description and called him “dramatic,” the housing market has been plagued in recent years by mortgage rates higher than 6% — which is plainly unaffordable for millions of first-time buyers.

“Yes, I’m being a little overly dramatic,” Sica said Monday. “But what I would say is, if you look at what we were hoping for, we were hoping for rates to come down and for mortgages to be affordable. We were also hoping for construction costs to come down.”

He continued, “Now we get hit with this double wave of negatives, which are construction costs are going up — because when oil goes up in price, everything goes up in price — and mortgage rates are not going to come down.”

The high energy prices in question, meanwhile, are a direct result of inflation and Trump’s war on Iran. The now-regional conflict has led Iran to effectively close the Strait of Hormuz, through which a fifth of the world’s oil passes, threatening to trigger a global energy crisis.

“So affordability, especially for those first-time homebuyers, is now an elusive dream until oil prices come down and interest rates come down,” Sica said Monday.

Varney went on to reflect on just how costly gas has become since Trump launched the war, noting that the average price for a gallon of diesel has jumped by $1.66 in only one month to $5.41. He once again found no comfort from his guest after stating, “That’s highly inflationary.”

“It is,” said Sica. “And think about the importance of diesel on trucking, because right now, in order to get real estate prices down, in order to make houses more affordable, they need to build more houses and everything … from the steel to the lumber is shipped through trucks.”

He continued, “And diesel fuels the trucks. When … diesel prices are up and oil prices are up, it affects everything. So you’ll see in the housing numbers, you’re going to see a slowdown in construction — which is very, very negative.”

Watch the full “Varney & Co.” segment on YouTube.