Investors are clearly selling their positions this year indiscriminately... it's profit taking across the board.

Oil price is both $80 per barrel at the moment... this doesn't really integrate the idea that the Strait of Hormuz would be blocked for a long period of time... it will be a conflict which is temporary and of low magnitude.

Gold was up more than 20%... obviously risk is taken off the table, profit taking for sure.

The discussion overnight about providing insurance or protection to vessels... is probably a step in the right direction.

Goldilocks is obviously off the table at the moment... We're probably not there yet, but clearly markets are probably too optimistic... the impact has been relatively muted, especially when I look at oil price which again remain at the lower end of what you would expect.