Michael Janda

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And I'm ABC Business Editor Michael Yander.

No, and we'll see how big the falls end up being.

But at its worst in the morning, the market was down about 2%.

That actually pushed it past 10% down from the start of this month, which is what analysts call a correction when you have a fall from peak to trough of more than 10%.

So that's a big decline.

You usually get maybe one of those every year or two.

And with Donald Trump and his erratic policies, we've already had a couple over the past

Well, it'd be pretty embarrassing if he backs away now having made the ultimatum.

The Iranians so far look willing to call his bluff and say, well, look, if you do that and attack our energy electricity facilities, we're going to go even harder on the energy facilities in the Gulf.

And that's already what's got markets really panicked.

That attack on Ras Laffan in Qatar is the thing that has more than anything else spooked investors because Qatar is like 20% of LNG supply globally coming out of those plants.

And now 17% of that is going to be offline for between three and five years.

So the whole plant's currently shut down during the war, which is a problem.

But that's a temporary problem.

But you've got a long-term problem where this energy infrastructure that can't just be turned back on or fixed overnight is now out of action for years.

And that's going to bake in higher energy prices, not just this week at the pump, not just over the next few months, but potentially for the rest of this decade.

That is why we're seeing this sell-off at the end of last week in the US and we're seeing another sell-off and Japan was hit even harder in the morning when the Nikkei opened on Monday.