Alex Turnbull

Then you have this geopolitical risk attached to supply from the Middle East.

There is no certainty that if there are

The Houthis might say, well, I'd like some of that too, please.

And then we have another issue in the Red Sea.

So I think while US supply is probably low risk, depending on the actions of the US government, of course, people are overall looking at this market and

thinking, well, is this really what I want to build my power grid on?

And the answer is probably not.

Yeah, then let's just look at this and say,

and I'd like something more in place.

It's very interesting.

People in the physical business are seeing levels of stress that are extraordinary.

And then they look at their phones at equities and just they don't get it.

And it's also what is quite challenging is people who have been in the physical trade and dealing with this part of the world.

deeper, empathetic, anthropological sense of how a toll is likely to be received in a lot of that world or whether that's a stable configuration, they have their doubts on whether we can get back to normal terribly quickly.

So there's that.

People in government are taking this extraordinarily seriously.

They're very concerned.

Singapore, I think, is more than most places has a real sense of what a wartime economy looks like.

due to historical reasons from the fall of Singapore and World War II.

And so I can tell that there is a real gravity, and I think that's coming out, certainly through some of the comments of the foreign minister, Vivian Balakrishnan.