00:00Since the eruption of the Iran war, around a fifth of global oil and liquefied natural gas supply is now
00:05at risk.
00:05Dozens of oil tankers are currently stranded in the Persian Gulf, with no sign of movement to come.
00:11Here is what that means for you in 60 seconds.
00:14Following joint US-Israeli strikes on Iran on February 28th,
00:18retaliatory strikes have since targeted US bases, consulates and civilian infrastructure across the Middle East, widening the conflict.
00:26Typically, most of the oil and gas produced in the region is exported on tank vessels that have to pass
00:32through the Strait of Hormuz,
00:33a narrow passage between the Persian Gulf and the Gulf of Oman.
00:37But Iran has threatened to target tankers that passed through the Strait,
00:41and drone strikes have already hit some vessels anchored in the Persian Gulf.
00:45Other attacks have also struck oil and gas refineries in the Gulf, bringing production to a halt.
00:50The disruption has already increased oil prices by up to $20, with US natural gas prices also up by 11%.
00:57This will ultimately mean you paying more at the pump for your gas, and likely higher prices in general, as
01:04transportation and fuel costs rise.
01:06Maritime insurers are also increasing their coverage fees for tankers, with experts warning that this could also be passed on
01:12to the consumer.
01:14Maritime insurers are increasing.
01:15Maritime insurers are increasing.
01:16Maritime insurers are increasing.
01:16Maritime insurers are increasing.
01:16Maritime insurers are increasing.
01:16Maritime insurers are increasing.
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