Stephen Mayne

Because they'll be needing access to Iranian oil and other oil.

And even I read yesterday the UAE have apparently requested a financial backstop.

from the Americans.

So in other words, yes, they may be rich, they may own Emirates and Etihad and everything else, but there's a cash issue with no oil flows and they've requested a backstop from the Americans to support them financially.

So who's got the staying power to hang tough?

And the Americans probably win that.

I mean, their market doesn't seem to worry.

It's very tech-driven.

They're relatively self-sufficient on fossil fuels and oil.

But it's the other markets, Japan, South Korea and everyone else, where the pain is going to be dramatic.

And I think those countries putting pressure on Trump will probably be what drives some sort of a breakthrough.

But it's looking quite far away at the moment.

It's essentially what you learn in a crisis, isn't it?

Like, we're the world's biggest users of diesel per capita as a country, which partly reflects that we've been slow on the energy transition and partly just reflects the nature of our economy.

It's massive in mining, massive in farming, lots of trucks.

Ask him if he was happy with his $600,000 share sale that he did because he owns about $20 million worth of stock.

I think he got some options vested.

So he cashed in marginally his portfolio because he's been there a long time.

And so he was there with the float back, I think, seven or eight years ago.

I'm not saying it was an inappropriate sale, but he's got a very big equity position.