00:00So the prices today have hit a four-year high,
00:04and oil is trading at over $125 per barrel.
00:08Just to put it in context a little bit,
00:10we are only $20 away from prices, record high prices,
00:16we've seen in 2008.
00:18So it gives a pretty clear idea that the markets are getting
00:22more and more concerned about the ongoing US-Iran war.
00:26The idea that somehow, somewhere, a consumer in the world
00:30will be insulated from the impact of this crisis
00:33is completely false.
00:34Everywhere in the world, in Asia and Europe,
00:36even in the United States, which produces a lot of oil of its own,
00:40consumers will feel a massive impact.
00:44So to begin with, the peak of the crisis
00:47will probably be felt in jet fuel,
00:50meaning people will fly less.
00:52We are looking at a lot of flight cancellation this summer.
00:56and a big staycation drive if the situation is not sorted
01:02within the next couple of weeks.
01:03Everything we're getting at home, from potatoes to furniture,
01:07is being delivered by trucks.
01:09And there is a shortage of diesel,
01:10meaning everything will become more expensive to transport.
01:14Marine fuel is becoming also more expensive.
01:17Driving will become more expensive.
01:20Fertilizers are skyrocketing in prices,
01:22meaning food will become more expensive.
01:24So it has a domino impact on the entire global economy.
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