Kevin Morrison

No, no.

And there still seems to be a lot of nervousness around because despite what Donald Trump has said, the Iranians have said that the Strait of Hormuz is actually closed.

There's sort of conflicting accounts of what's really going on.

The US has said that the ships have passed carrying about 17 million barrels of oil.

So that's almost back to where we were before the conflict, which was around 20 million barrels a day.

Yeah, absolutely.

The shipping companies and then in turn the insurers and also the oil consumers, i.e.

being the refineries, particularly in the Asia-Pacific region.

So nobody quite knows what is going on.

It is a very, very nervy time.

The insurance companies, they've said they're still treating it as a conflict zone.

And so, you know, it's not back to what they would consider a normal state of business.

Yeah, because before the conflict, it was around 90 vessels a day that traveled through the strait.

So that's around 3,000 a month.

So obviously, it's a very busy waterway.

So we're seeing this initial rush.

But what's going to take time is all those hundreds of ships that have been waiting outside the strait around the Sea of Oman to get in, to load up, because...

That whole production supply chain does take a long time in getting back because they've had to shut in oil fields, they've had to shut in gas fields, and you simply just can't flick a switch and expect them to turn back on immediately.

So that all takes days and weeks before that whole process starts.

And then with the shipping companies, they've got to kind of form an orderly queue to get in and out because it is a relatively narrow waterway.