Stephen Mayne

After three weeks of 3% plus rises in the market, which is unheard of, and I think it was 13 days in a row of NASDAQ increases, we sort of had record highs with everyone thinking the war's over after the declaration of the Strait of Hormuz being completely open on Friday night.

And of course, fast forward five days and it's not open.

And there's an extension of the ceasefire.

And are they going to Pakistan to negotiate or not?

What's your take, boss?

He hasn't put a timeline on that, which I think is quite interesting.

So it's now an open-ended ceasefire.

Yeah, so you'd think their position is you can't keep on commandeering our ships.

So they took, you know, the US have taken over control of one cargo ship and they're not going to deal whilst the blockade is in place.

So Trump probably needs to declare the strait completely open and lift the blockade and then have talks.

And then, of course, they'll fall over on uranium.

And Trump will say, give us it all.

And the Iranians will say no.

And the standoff will continue.

Yeah, that's right.

So it's not sustainable.

I mean, the most acute pain at the moment seems to be with jet fuel, which at its peak increased sixfold in price, went from 20 to 120.

It's come back since then.

But there seems to be serious shortages.

So airlines aren't going to be able to sustain their current service level.