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passage for western traders. there are tensions to add other choke point locations. this video shows houthi militants storming a british registered cargo ship in november. that was on an approach to the babur mandeb strait, a gateway to the red sea with suez canal to the north. it's often been in the news with ships targeted by those militias or drone attacks from yemen. according to the international monetary fund, suez canal trade fell by half in the early months of this year compared to the beginning of 2023. it's driven traders around the cape of good hope at enormous cost in time and money, and it's come at a huge cost to the egyptian economy, highly reliant on the canal for billions of dollars of income. further west, one more choke point, the panama canal. water shortages there have led the authorities to reduce the volume of shipping travelling between the atlantic and pacific 0ceans. the imf reckons that trade on that route has fallen by nearly a third over the past year. although tensions are high, the closure of the strait
philip advises on sanctions risk. well, it's interesting. even with the recent missile attacks on israel, the price of crude really hasn't gone up in the same way that you saw with previous geopolitical shocks. so crude is kind of pretty steady. it's as if the traders are priced in the risk. now, on your question, will sanctions hurt iran? iran has been immunising itself to us and other sanctions for the last 45 years. they're pretty good at resisting them. and i think the type of sanctions is going to change. but the impact on iran is going to be fairly limited. 0k. i mean, on wednesday, for example, crude dropped 3%, didn't it, crude futures? so like you said, it does seem as if the market has dismissed that element of risk. so what could have an impact? you said that the sanctions could change. what are we looking at? yeah, so if you look at iran,
so increasingly there is a comfortable buffer zone that the us has in terms of oil output. that means that the impact of geopolitical events on the oil price is slightly subdued. i think that's probably a positive sign for the markets, but i think the us is going to go hard after these intermediate traders. all eyes will be on subscriber growth after a meant that users couldn't pass on their membership to friends and family. our north american correspondent erin delmore is in new york. there was so much uproar and that was brought in. what are we expecting? uproar and that was brought in. what are we meeting?— are we expecting? there was, and a lot of peeple — are we expecting? there was, and a lot of peeple who — are we expecting? there was, and a lot of people who enjoy _ are we expecting? there was, and a lot of people who enjoy this - lot of people who enjoy this password sharing with their friends and family members on netflix were a
it's the most heavily sanctioned country in the world. so even the president of iran, ebrahim raisi, is sanctioned. so where do you go from there? you could sanction more militia leaders, more politicians. that ain't going to move the needle. what i think is going to happen are two things. so the us is going to start going after these proxy traders of iranian oil that we're seeing popping up in places like hong kong, singapore, the uae, that are shadowy, you can't see who owns them and they are certainly sending oil to china. the other thing the us is going to do, we think, is going to make it harder for refineries and ports, particularly in china, to take iranian oil. and you've got two big bills, one of which has gone through the house and senate, one of which is going through senate now in the us, that are designed explicitly to make it difficult for china to take oilfrom iran. philip, very quickly, about 30 seconds, the war premium that had been added on crude prices, is that now gone? i think, as i said, traders are pricing in geopolitical risk. one thing to also note is that the production of oil from the us through shale fields is increasing.
of major global trade chokepoints, often an anxious passage for western traders. there are tensions to add other choke point locations. this video shows houthi militants storming a british registered cargo ship in november. that was on an approach to the babur mandeb strait, a gateway to the red sea with suez canal to the north. it's often been in the news with ships targeted by those militias or drone attacks from yemen, according to the international monetary fund. suez canal trade fell by half in the early months of this year compared to the beginning of 2023. it's driven traders around the cape of good hope at enormous cost in time and money, and it's come at a huge cost to the egyptian economy, highly reliant on the canal for billions of dollars of income. further west, one more choke point, the panama canal. water shortages there have led the authorities to reduce the volume of shipping travelling between the atlantic and pacific 0ceans. the imf reckons that trade on that route has fallen
Nyasha Chingono - Zimbabwean informal traders are refusing to accept the local dollar for fear it will be worthless in a few weeks, when the government's new gold-backed currency...
Following weeks of flirting with the closely watched 152 level versus the greenback, the yen blew straight through this mark on Wednesday and all the way to 153 as US inflation data reverberated through global markets.