Alice Hancock

The whole thing is not a sort of flick the switch back on and everything will go back to normal situation.

Estimates vary.

I mean, it's certainly not going to be days.

I would say from what we hear, we interviewed the boss of Mitsui OSK, who's the biggest tanker owner in the world.

He was estimating actually nearer to months for the backlog to be cleared.

And of course, you're not only getting ships out of the Gulf, you want ships to go in so that they can pick up more energy cargos to get them out onto the global shipping routes.

So the whole thing could last well into the summer, if not the early autumn, I think.

I think, as you were saying, the real impact here has been on the energy market, and that has run through into higher inflation, higher fuel costs.

I think we've all noticed the difference in our tank of fuel when we're filling up the cars.

So the longer the disruption goes on for, the longer that we can't get ships in and out of the Strait of Hormuz.

And we've already heard reports

Iran has been warning that it would potentially in future actually want to go back to charging some form of toll.

That could really continue to have that knock-on impact and we could see sticky inflation for much longer and higher prices.

There is a situation in which the peace deal is good, it sticks, the ship's able to get in and out freely.

And that would actually bring down shipping rates and hopefully therefore make things a little bit cheaper.

But we've already seen the oil prices come down on the strength of the announcement of the deal.

So hopefully at least anyone doing a driving summer holiday will be spared the extra cost.

Thanks, Mark.