He is saying that there are no supplies or reserves that can replace the loss of Iranian production.

Abdalla Salem El-Badri presents the price spikes as potentially “unlimited”, which is obviously hyperbole, but when one considers that there is no spare capacity, losing about 5% of oil production doesn’t just produce price spikes, it produces a real shortage, where one may not be able to find oil at any price.

If there were an interruption of this nature, I would expect oil to spike past $200/bbl within a few weeks.