Judging from the description of the amount of oil that's been seen in this event, we could be looking at the deaths of thousands of sea birds.

Oil markets are already reacting. We've already seen that Iran is willing to talk about using oil as a weapon, and I think the markets are taking that threat seriously.

It has all started off strongly because of continuing M&A activity in the oil sector.

The stock index is being let down by oil majors such as BP and Royal Dutch Shell. The price of crude oil dropped by more then $2 in yesterday's U.S. trading session. Clients are sitting on their longs waiting for a rebound in the price.

We're still seeing some rotation into more cyclical stocks ... such as consumer products makers, and industrials, ... We quite like oil stocks as well.

The worldwide shortage in refining is even bigger than the shortage in oil. This is the only stock in New Zealand that gives you that exposure.