The Strait of Hormuz transports about 20 million barrels a day.

If these aren't reopened quickly, it will have a very serious effect globally.

Europe is particularly vulnerable.

Spain had a complete blackout in April last year.

We had a near miss in January 2025.

Since Labour came to power, they increased the windfall tax.

They have banned new exploration drilling in the North Sea. It's worse than mistake. I think it's a catastrophic error. You know, what the Ayatollahs do is outside of our control and that they are dangerous, they're dangerous to the globe. But I would put Ed Miliband higher because he's got his fingers in his ears and shouting la la la

la and he won't listen to any criticism.

We're going to have to have a crisis here of some sort of blackout or something before

the political pressure is great enough to force change.

Hello, I'm Fraser Myers, Deputy Editor of Spiked.

I am delighted to be joined today by David

Terver, Energy Analyst and author of the Eigenvalues Substack. Welcome to the show, David.

Well, thanks for having me, Fraser. It's great to be on.

We're talking at a time of potentially an impending energy crisis. The price of oil has shot over $100 a barrel. It's fallen back slightly since that

peak earlier this week. But certainly given the crisis in Iran, given the difficulty of

shipping oil through the Strait of Hormuz, if the war carries on potentially, you know,

the energy system, the global energy market is in a pretty perilous situation.

David, I wonder if, first of all, before we get on to Britain in particular, could you just outline, you know, what's going on in the energy markets, why the world is in such deep trouble at the moment?

Well, the Strait of Hormuz, when it's working properly,

transports about 20 million barrels a day of oil, which is about a fifth of the global total.

So if there's any disruption to that, then the world as a whole is short oil. And when, you know, essentially when the price of any

...