00:00a
00:04truck
00:06trucks
00:09trucks
00:10There's a car!
00:11There's a car!
00:12Let it go, let it go!
00:14Let it go!
00:17Let it go!
00:21Let it go!
00:32There's a car!
00:33done it!
00:56They are toast, and they know it.
01:23What does war in the Middle East mean for energy prices?
01:26The conflict between the US and Iran has escalated, engulfing some of the world's biggest oil
01:31and gas producers.
01:32Energy prices have surged.
01:34On Monday, Iranian drones hit Saudi Arabia's biggest oil refinery, and cattle's liquefied
01:39natural gas facility, causing the operators of both to suspend their operations.
01:45As the world's second-biggest LNG producer, the hit on Qatar sent shockwaves through gas
01:50markets.
01:51Qatar produces almost 20% of the world's LNG, and all of it passes through the Strait of
01:56Hormuz, a narrow waterway that connects the energy-rich Persian Gulf to the rest of the
02:01world.
02:02But even if Qatar's Raslefan facility were left unscathed, the country would have been
02:07forced to stop production at some point since almost all large vessels are no longer transiting
02:11the Strait because of the threat from Iran.
02:14A number of vessels were attacked on Sunday, and some insurers have said they can't cover
02:18the risk of ships in the Gulf.
02:20This has left vessels stranded on either side of the choke point, and global oil flows have
02:24ground to a halt.
02:26About a quarter of the world's seaborne oil trade usually flows through the Strait of Hormuz,
02:31and there's very limited capacity to bypass it using pipelines.
02:35The longer the situation continues, the greater the impact on global energy supplies, and the
02:41higher prices will go.
02:42That could push up the price of practically everything, not just energy, at a time when
02:47much of the world is already grappling with inflation repressures.
03:25Right from the beginning, we projected four to five weeks, but we have capability to go
03:32far longer than that.
03:38Since the weekend, thousands of flights have been cancelled in and out of the Middle East
03:43as a result of widespread airspace closures following the US and Israel's joint attacks
03:48on Iran and the retaliations that have followed.
03:51This has led tens of thousands of people to be stranded in what are normally some of the
03:55world's biggest and busiest airports.
03:57Some relief flights have started flying out, but it's still going to be many days before
04:01people are able to get out.
04:03In Dubai itself, while many people are staying put, there are some people who have tried to
04:07get out.
04:07Some have been driving across the border to Oman, where they've been trying to catch chartered
04:11flights, sometimes paying tens of thousands of pounds for a ticket.
04:14Others have driven as far as Saudi Arabia to try and get out.
04:18For the future of the Middle East as a major transfer hub, that is still an open question.
04:24Many people around the world transfer through the Gulf when going on holiday or business.
04:29And it is going to be many, many months until everybody feels safe doing that again.
04:36Turns out the regime who chanted death to America and death to Israel was gifted death from America
04:45and death from Israel.
04:47Anyway, we projected four to five weeks, but we have capability to go far longer than that.
04:55The Trump administration tried to explain the goals of its military operation in Iran after
05:03a weekend of conflicting, vague, gyrating rationales for the intervention against Tehran.
05:10Today it was Secretary of Defense Pete Hegseth and Chairman of the Joint Chiefs of Staff Dan
05:16Cain briefing reporters for the first time since the operation was underway on Saturday.
05:23Then it was President Trump speaking at an event to honor military veterans here at the White
05:30House.
05:30And then it was Marco Rubio who headed to Capitol Hill to brief congressional leaders.
05:35They tried to get on the same page.
05:37They distanced themselves from talk of regime change and selecting the next leader.
05:42They said there were some military objectives that they were trying to accomplish, including
05:47the elimination of Iran's missile capacity, the destruction of its navy, the elimination
05:53of its nuclear program, and the prevention of Iran's ability to arm and fund terrorist proxy
06:01groups in the region.
06:02But they set some very vague timeline for when the operation might end.
06:07President Trump has all the latitude in the world to talk about how long it may or may
06:11not take, four weeks, two weeks, six weeks.
06:13It could move up.
06:14It could move back.
06:15We're going to execute at his command the objectives we've set out to achieve.
06:19So we're still in somewhat of a haze in terms of what the duration of the conflict is and
06:27exactly what the U.S. is trying to achieve.
06:30The military objectives that CENTCOM and the joint force have been tasked with will take
06:34some time to achieve and in some cases will be difficult and gritty work.
06:40We expect to take additional losses.
06:43In the meantime, there has been confirmation that six U.S. troops have been killed and that
06:48will certainly raise the pressure on the administration to explain what's happening along with the
06:54economic impact and the rattling of the energy markets and the surge of the oil price.
06:59We will finish this on America first conditions of President Trump's choosing.
07:06Nobody else's, as it should be.
07:15Who's running Iran after Ayatollah Khamenei?
07:18Iran confirmed the spiritual leader's death in U.S.-Israeli airstrikes on Saturday.
07:24As the attack unfolded, U.S. President Donald Trump urged Iranians
07:28When we are finished, take over your government.
07:31But Iran's leadership, though hit hard in the air assault, are still in charge.
07:35They've declared they will follow constitutional processes for succession.
07:39So a three-man temporary council, including the president, the judiciary head, and a member
07:44of the guardian council, a constitutional watchdog, was named.
07:48An assembly of experts composed of 88 senior clerics is now also meant to convene and choose a new
07:54leader as soon as possible.
07:56Iran's foreign minister said on Sunday that a new supreme leader might even be selected
08:01in a day or two.
08:02But this hardly seems a moment for continuity.
08:05So who and what might come next?
08:08Before the U.S.-Israeli air assault, some Iranian analysts predicted that Khamenei's death,
08:13whenever it came, might bring change.
08:15Some speculated that Iran might reform its constitution to dilute the supreme leader's powers, or tilt
08:22the balance of power from the clergy toward the powerful military, the Revolutionary Guards.
08:28Khamenei's son Moshtaba was mooted as a possible successor.
08:32But his fate and whereabouts are unknown.
08:35It's also unclear how the assembly of experts might meet with the U.S. and Israel still bombing.
08:41Reza Pahlavi, son of Iran's former Shah, has urged Iranians to support him, and the regime
08:47to hand over power without further bloodshed.
08:50But Iran's leadership survived earlier U.S.-Israeli military strikes last June.
08:56In January, they crushed mass protests, killing thousands.
08:59Battered and under unprecedented pressure, but still in control.
09:04Iran's military and estimated 180,000 strong are a disciplined elite force, ideologically
09:10loyal to the system, meaning U.S. pressure for regime change would face a formidable foe.
09:15But the regime's grip on power looks unusually tenuous now.
09:19And it's facing the gravest threat yet to its survival.
09:35The
09:36U.S. air
09:59.
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