Anna SzymanskiHost
Mike, we saw a real escalation in the Middle East this week that could have serious implications for energy markets.
We, we, we, at the end of last week, we, we s- felt that there was some, uh, a h- a top had come in the oil price, but, but the weekend's even- developments were, were, again, extremely, um, uh, noisy, extremely, uh, dangerous.
Um, uh, c- clearly shipping in the Gulf is, is now, uh, at, at, at a standstill almost, and the many, um, uh, ships have been attacked again over the weekend.
Now, uh, that just adds to yet another, uh, uh, uh, choke point, I, I guess, in, in the whole of, uh, the energy supply from the region because there's some 4% of world energy or world crude supplies come through that pipeline.
Um, and it's, uh, on top of, uh, the effective closure of, of, of, of the straits.

Yeah, I mean, I think what's so key about this is that one of the reasons that in recent months prices had not really skyrocketed was that more crude was getting out, and while some of that was through the strait, a really significant portion of that was through this pipeline.
Yeah, and y- and also I think maybe, uh, as we came in this morning, uh, the idea that there was talks going on between Tehran and the, uh, other regional governments about how they might manage the Straits of Hormuz, uh, going forward, uh, those talks have been postponed, uh, without a, a, a, a, a, a alternative deadline being, or alternative date being proposed.
So, uh, that's another potential, um, breakthrough that seems to have disappeared.
Uh, and you can see from the oil price this morning, you know, that, that there's only one takeaway from that.
Uh, we've got as high as or above $108, uh, a barrel this morning for Brent Crude.
Um, that's not quite as, at the peaks we were last week, uh, which nearly got to 110, but we're, we're, we're, we're moving back in that direction, and there doesn't appear to be any optimism around that conflict at least.

Certainly the, uh, idea that refined products, uh, like diesel and, and indeed, you know, um, pump price, gas prices, and home heating, uh, they're all moving higher, uh, and into, for diesel at least, well above six bucks a gallon in the States, uh, on an average basis.
So that's, that's a burn, and that's the real, um, issue going into, uh, the winter and of course the midterm elections.

Mike, we saw a real escalation in the Middle East this week that could have serious implications for energy markets.
We, we, we, at the end of last week, we, we s- felt that there was some, uh, a h- a top had come in the oil price, but, but the weekend's even- developments were, were, again, extremely, um, uh, noisy, extremely, uh, dangerous.
Um, uh, c- clearly shipping in the Gulf is, is now, uh, at, at, at a standstill almost, and the many, um, uh, ships have been attacked again over the weekend.
Now, uh, that just adds to yet another, uh, uh, uh, choke point, I, I guess, in, in the whole of, uh, the energy supply from the region because there's some 4% of world energy or world crude supplies come through that pipeline.
Um, and it's, uh, on top of, uh, the effective closure of, of, of, of the straits.

Yeah, I mean, I think what's so key about this is that one of the reasons that in recent months prices had not really skyrocketed was that more crude was getting out, and while some of that was through the strait, a really significant portion of that was through this pipeline.
Yeah, and y- and also I think maybe, uh, as we came in this morning, uh, the idea that there was talks going on between Tehran and the, uh, other regional governments about how they might manage the Straits of Hormuz, uh, going forward, uh, those talks have been postponed, uh, without a, a, a, a, a, a alternative deadline being, or alternative date being proposed.
So, uh, that's another potential, um, breakthrough that seems to have disappeared.
Uh, and you can see from the oil price this morning, you know, that, that there's only one takeaway from that.
Uh, we've got as high as or above $108, uh, a barrel this morning for Brent Crude.
Um, that's not quite as, at the peaks we were last week, uh, which nearly got to 110, but we're, we're, we're, we're moving back in that direction, and there doesn't appear to be any optimism around that conflict at least.

Certainly the, uh, idea that refined products, uh, like diesel and, and indeed, you know, um, pump price, gas prices, and home heating, uh, they're all moving higher, uh, and into, for diesel at least, well above six bucks a gallon in the States, uh, on an average basis.
So that's, that's a burn, and that's the real, um, issue going into, uh, the winter and of course the midterm elections.
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