Even more dire as government assistance only gets through in drips and drabs. I want to get jones welcome to do business asia and we start with the latest escalations in the strait of hormuz where to oil tankers were attacked earlier today one of them allegedly hit by a torpedo the brant crude price has been volatile since the attack hitting over 62. 00 a barrel immediately often use of that attack emerged the strait of hormuz is one of the worlds most strategically important choke points along the coast of iran almost a 3rd of all Liquefied Natural Gas and almost 20 percent of Global Oil Production has to squeeze through here to escape the persian gulf and get out into the well its. Often more on the impact there on all markets so were joined by early bazza Financial Market correspondent in frankfurt only whats this latest incident mean for the oil market. I think its too early to tell what it means in the medium term
in the long term talk to an analyst and he says the Immediate React
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in the long term talk to an analyst and he says the immediate reaction and today was partly also a result of oil going down so so much in the past days and he says that if this continues of let s say there s an escalation if there should be firm evidence that iran was behind the attacks in the us should react perhaps militarily then it would escalate and that would send the oil price back up in late april it was much higher than today so there s still a lot of room for it to move but certainly it s something that people are having their eyes on apart from the oil market in equities for example stocks or in safe havens like bonds or gold there s not movement away from equities into safe havens for example we just saw some very dramatic pictures that will be as you were talking about those all time because bunning if things were to escalate further where does this leave europe s oil supply. well europe would not be directly
for the oil market. i think it s too early to tell what it means in the medium term in the long term talk to an analyst and he says the immediate reaction and they was partly also a result of oil going down so so much in the past days and he says that if this continues of let s say there s an escalation if there should be firm evidence that iran was behind the attacks and the u.s. should react perhaps militarily then it would escalate and that would send the oil price back up in late april it was much higher than today so there s still a lot of room for it to move but certainly it s something that people are having their eyes on apart from the oil market in equities for example stocks or in safe havens like bonds or gold there s not movement away from equities into safe havens for example we just saw some very dramatic pictures that when the as you were