Sam Hawley

This will make the oil crisis worse, won't it?

At least in the short term.

All right, so the US is now stopping ships from leaving and entering ports in Iran.

Now, this will be, won't it, a huge hit to Iran's economy because more than 50% of its exports and actually most of its revenue comes from oil.

Oil is simply everything to Iran, isn't it?

All right, so it's going to hurt Iran's economy, but...

It's also going to harm everyone else's as well, right?

This has implications that are not just one way.

Yeah, because we weren't really driving around as much or flying anywhere.

during COVID, we're still going about our daily lives, aren't we, today?

So very different time.

All right, well, Seoul, Iran has promised to retaliate.

It says no port in the Persian Gulf and the Sea of Oman will be safe.

Now, these are all big oil producing areas, aren't they?

So it's a pretty serious and rather scary threat.

Okay, so the world's supply of oil is under great threat.

So let's have a look now at what that means for supply here.

The Prime Minister, Anthony Albanese, he's in Asia trying to shore up supply in Brunei and Malaysia this week, Singapore last week.

And just noting that supply from Singapore for us is particularly vital, isn't it?

But that can't be guaranteed, can it?