Kevin Morrison

And now what seems to have merged is there seems to be two waterways, one where the Iranian ships go through and then the other where everybody else goes through.

This is it.

And then that's, again, coming back to the insurers.

They don't want to insure a ship that could be blown up by a sea mine.

Again, there's conflicting information coming out from both sides.

How much is there?

How long it will take to clear?

But again, there's just different information coming out.

So it's going to take some time before the mines are cleared.

It depends on how they term it, because I think if it's called a toll, I don't think they'd be allowed to do that.

Particularly, again, sort of coming back to the insurers, they would not be able to insure a ship that actually pays those tolls because it would contravene the sanctions that are currently imposed on Iran.

I mean, obviously, that's part of the negotiation over the next 60 days, what to do about those sanctions, how they will be lifted and to reintegrate Iran into the global economy.

But pre the conflict, there was no tolls.

There was no service fees.

There was no charges to go through the straits.

So it is a major change.

And this is another thing that's really emerged from this conflict.

Iran now realizes it has another lever over the world economy, really.

Yeah, and I think what the government has done by extending the fuel excise but halving the amount of the excise is prudent because we've seen oil prices come down here.

And so...