OPINION | It's time to end the world's delusions over the Iran energy crisis

Firstly, the Strait of Hormuz remains effectively closed to the majority of vessels. Secondly, any negotiations to end the conflict and re-open the strait have failed so far, and the rhetoric from the main players suggests little imminent hope of a breakthrough.

It's little surprise that Iran has so far rejected ceasefire overtures, given the threats deployed by Trump and the visible build-up of US military forces in the region, not to mention his track record of abandoning agreements.

While there may still be an off-ramp from the threatened escalation, the risk remains that more facilities in the gulf will be attacked and damaged.

Iran has so far managed to hit Qatar's LNG and gas-to-liquids plants, as well as refineries and infrastructure in the United Arab Emirates, Kuwait, Bahrain and Saudi Arabia.