Darren Lehane

which is the IRG, if the payment of such a toll would violate, say, for example, EU law in terms of payment to a prescribed body or other forms of international law.

So it would set a very dangerous precedent and will be contrary to what's been going on for, as I said, hundreds and hundreds of years.

Absolutely.

I mean, as you said at the outset, I mean, the Iranians and the Americans could say, look, we're calling a halt to this and the straits are reopened.

But it's the people in the insurance companies will ultimately have to say, are we happy to ensure the risk?

of vessels going through there, for example, in relation to mines or whatnot.

How long a period will it take for those people sitting in their offices to be satisfied that it makes commercial sense to allow this trade to restart again?

And that's the long-term effect, the one to five years impact on prices.

not only of oil and gas, but all of the derivatives therefrom.