Michael Janda

We're seeing other countries that are just unhappy with some of the terms of this, like Singapore's government has come out and said that it does not accept and will not accept tolls on ships passing through navigable waters.

It's against international law.

For a maritime economy,

Like Singapore, it's a major trading hub.

And the Greek prime minister has come out saying something similar, that this is just not acceptable because, of course, a lot of ships are registered in Greece and Greece has a major shipping industry.

So the US and Iran are doing these negotiations, but the rest of the world is affected and they want a seat at the table too.

Yeah, so in terms of oil, we saw Brent trading around $110 a barrel more or less before Trump announced the ceasefire agreement yesterday, then plunged at one point, got close to $90 a barrel for the key futures contract, which has been cheaper than some of the actual...

for immediate delivery contracts, which have been much more expensive because people want the oil now.

The refineries are starting to run out.

They are desperate for whatever supplies they can get, say, from the North Sea, from the US.

That's why we're seeing the physical market trade

at levels far higher than the futures, the benchmark that we always talk about.

We're talking a difference of $30 plus a barrel between oil that's available right now and oil that is available for delivery in July.

But we've seen, as you say, that even that futures price creep back up.

When we're recording, that was around $97 a barrel for Brent.

So well off those lows that we saw on the ceasefire optimism.

Well, we've seen already on the Australian share market the biggest gainer is energy, up about 2.6% when we were recording.

And that tells you something.

That's reflective of the rebound back from those lows yesterday in oil prices.

And we're seeing so much more caution on the Australian market today, down a bit at the open, heading towards flat.