Ian Verrender

This morning, there were two Qatari LNG ships that had permission to pass through, and that has just now been denied.

As much as the weaponry is key to this, there's also just the fear, the threat itself.

So insurers will not insure any vessel that attempts to sail through that strait that does not have the express permission of the Iranian government.

Absolutely.

And it's going to play out across the world.

We're about to see the same impact here.

I mean, we're all noticing how much it costs to fill up a tank with petrol.

But pretty soon we're going to notice just exactly how much that is relaying through the entire economy.

I mean, you know, 50%.

Food, everything we use relies on fuel.

And so if the cost of that fuel is rising, the cost of everything will rise along with it.

And I mean, look, a couple of interesting things, too, when you look at global pricing, the cost of shipping has absolutely soared.

So to get a tank full of oil from the Persian Gulf to China has quadrupled.

And you think, well, that sounds reasonable.

Well, only a handful of ships can travel through that route.

But shipping costs everywhere have soared.

So if you want to take oil from the Gulf of Mexico, for instance, through to China, it's triple the price that it was prior to this confrontation.

Then there's refining costs.

Refining costs have absolutely gone ballistic.

Because refiners can't, well, they're having difficulty getting hold of oil supplies and the correct oil supplies that they need to create the different types of fuel, diesel, higher grade fuels, lower grade fuels.