Luke Vargas

But did anyone really factor in that Iran might possess an enduring asymmetric advantage here?

Kind of an insult to injury in all of this is that the big oil companies had spent recent years sort of doubling down on the Middle East and in existing partnerships and investments they had there, as opposed to pursuing new ventures elsewhere.

All of that sort of suggesting that if there is going to be a push now to hedge against the Middle East, that's going to take a while and be pretty costly.

Jorge Leon is the head of geopolitical analysis at Rystad Energy.

Jorge, thanks as always.

Appreciate you.

Thanks.

Coming up, the day's markets news, including a new EU-Australia trade deal and a potential beauty tie-up.

That's after the break.

The European Union and Australia have inked a new free trade deal and security partnership.

Journal reporter James Glenn is in Sydney.

The deal is the EU's latest as it diversifies economic relations away from the US, following agreements with India, Indonesia and four South American countries over the last year.

Elsewhere in markets news today, Estee Lauder is in talks to buy Spanish beauty group Pooch Brands.

A deal which both said could still fall apart would create a global beauty giant and expand Estee Lauder's already sprawling portfolio to include cult brands such as Charlotte Tilbury and Byredo.

Tesla has notched its first monthly sales increase in Europe in more than a year, as double-digit growth in the continent's battery EV market boosted a number of carmakers.

And Europe's most valuable fintech company, Revolut, has posted a 46% jump in revenue, with its customer base growing by around a third over the past year.

The London-based company, whose app lets users make payments, trade assets and hold money, got regulatory approval to operate as a full-fledged bank in the UK this month and recently applied for a national bank charter in the US.

And that's it for What's News for this Tuesday morning.

Today's show was produced by Daniel Bach and Hattie Moyer.

Our supervising producer is Sandra Kilhoff.