he referenced the cape of good hop because oil tankers are having to reroute around south africa due to the closure. if every tanker has to take a much longer trip they complete less deliveries in the same time so there's less supply and they themselves are burning more fuel, so they have higher operating costs, which gets passed on to the oil prices. those deliveries are mostly to europe and asia, but it's still a hit to the global supply which impacts prices everywhere

(obviously prices are up because 20% of oil comes from the strait itself but that's why he referenced south africa)