Alex Turnbull

quite hard in terms of the AI buildup, for sure.

It is generally...

uncommon in most countries to conduct your diplomacy over truth social.

So maybe they've been very forceful.

I've heard they've been very forceful, but they're doing it behind closed doors or on private lines or sources of matters of communication.

It's possible.

I mean, this can go on for a short period of time, but not a long period of time without incurring

serious pain and suffering on the man in the street in a lot of these countries.

And the democracies, these things will not be, essentially, will not be ignored or easy to forget.

So we're starting to go through a process which may not be reversible easily or perhaps ever.

So I would say the longer this goes on, that becomes a possibility.

Sure.

I mean, well, in power markets, it depends on the country.

So Spain has a lot of renewables.

Kip didn't shut down its nuclear.

Their power prices have been pretty orderly so far.

France, also plenty of nuclear, also a lot of renewables, very orderly.

Places like Germany, which still prices on the margin on gas, and Italy, which is very gas heavy, are back in the bad place for all intents and purposes.

And then in terms of liquid fuels for driving, for diesel, it's not quite as apocalyptic as Asia, but it's quite bad already.

And it's already starting to hit certain parts of the barrel.