and have been unable and unwilling to exit onto the open seas. During that time, there has been a direct line from the world's biggest traffic jam to rising petrol and diesel prices, higher airfares and swelling mortgage rates around the globe. Many countries are also dependent on these waters for significant supplies of other petrochemical products, made at the refineries in the region. These include jet fuel, diesel, fertilizer ingredients and industrial products such as helium, essential for microchip manufacture. The good news is that the overnight ceasefire pauses any further escalation of the conflict, and provides a pathway for deescalation and peace. This is why the markets have responded positively with 15% falls in the market price of oil and gas and a rally in stock markets. However, there are many reasons for caution about the economic impact at this delicate moment. There are different accounts about the basis for negotiations from Iran, the US, and Israel. The test of this is whether face-to-face negotiations actually occur. (BBC)