00:01Well, I think Iran was threatening a $2 million charge for ships passing through the strait,
00:07which of course the US administration said was an intolerable situation, but they're
00:12now charging 20%, which equates on average, the average oil tanker going through would
00:17be paying about $32 million per ship, so significantly more than Iran was threatening.
00:25And of course, this move legitimises Iran's attempt to exact a toll anyway.
00:32It's amazing that oil prices haven't jumped more than they have, because Russia normally
00:37is a massive supplier of both crude oil and refined product as well.
00:43And the assaults or the attacks from Ukraine, their drone attacks have been incredibly effective,
00:49and they've knocked out a large portion of Russia's refining capacity.
00:54Russia's oil production is now about at a 20-year low.
00:59I think it's dropped 60% as a result of these attacks.
01:03And they're now having to import refined fuel, petrol and diesel as well.
01:08So that will add, you know, it takes a huge chunk of supply out of the global market and
01:13then supplants that with a huge increase in demand, which is why we've seen those massive
01:18queues of people lining up for fuel in Russia.
01:22Everybody says the crunch point will be around September if the Strait isn't open, the Strait
01:27of Hormuz.
01:27But now you've got this added factor with Russia as well.
01:30So you would expect that oil prices could easily get back to that 120 US dollar a barrel mark
01:35fairly soon.
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