That's right. What's also important to note is that the demand for oil in China has fallen by 9% since the crisis in Iran.
We met at an economics department. In other energy crises, demand was inelastic, so taxes could be raised without causing any real reduction in demand. However, what we're seeing with this crisis is that demand for oil is becoming increasingly elastic because there are technologies available to replace it.
It's unclear whether the demand that fell following the crisis in Iran will rebound. There is therefore a real risk for investors, including pension funds that have investments in these sectors, in this highly volatile context.