The global energy scene is currently a tinderbox. With the war in Iran raging and the Strait of Hormuz effectively closed, Brent crude has been on a wild ride, recently breaching the $119 mark before settling into a high-voltage holding pattern. In the middle of this stands US President Donald Trump, who has dismissed the price spike as a “very small price to pay” for “World Safety and Peace.” While the White House characterises the military action as a “short-term excursion” to neutralise threats, the economic ripple effects are anything but small.