The world's energy crisis over Iran is in its sixth week, despite a ceasefire and the resumption of vessel flows through the Strait of Hormuz. The author argues that it is delusional for any nation to believe they will be a "winner" from the conflict. This is also an emergency over the supply of refined products, particularly to fuel-importing nations. China's ending of refined fuel exports could help ensure domestic supplies, but if its Asian neighbours are forced to shut down much of their economies due to shortages, this could backfire on China's export industries. Despite some encouraging signs, Australia has secured fuel imports from suppliers such as Japan and Singapore in exchange for commitments to keep supplying coal and LNG. The article also highlights the potential for a long conflict that could lead to massive damage to the Gulf's energy infrastructure and recession.