00:00We've seen a widespread scattering of retaliation by Iran,
00:04which could draw in multiple Gulf countries,
00:06perhaps directly into the conflict.
00:09But most importantly has been due to the threat
00:12on passage through Strait of Hormuz,
00:14we've seen tanker traffic for both oil and LNG
00:17diminish to a trickle.
00:20And until we see at least some form of de-escalation
00:23of the conflict, that is likely to remain the case,
00:26which is going to keep 20% of world oil
00:29and 20% of world LNG,
00:31then kind of double whammy up to that amount out of the market.
00:36And that is three times the scale of the impact of,
00:40we saw in the energy crisis in the 1970s
00:43from the Arab oil embargo and the Iranian revolution.
00:46So even if we only see half, for example,
00:49or three quarters of the passage to the Strait of Hormuz return,
00:53it's still going to be a global energy crisis.
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