Iran War Ignites Oil-Shock Stagflation Fears + Who Really Controls the Energy Market?

The Spillover · Mar 4, 2026 · 43m

U.S. and Israeli strikes on Iran are disrupting energy markets. Iran’s production capacity has been hit, the Strait of Hormuz has essentially been closed, and Iran’s energy-producing neighbors have been dragged into the conflict. This episode looks at the spillovers from the resulting energy price shock and explores how structural shifts, including a surge in U.S. oil production, China’s emergence as a dominant buyer, and the growth of renewables have reshaped oil’s geopolitical and economic role.

Hosts:

Sebastian Mallaby, Paul A. Volcker Senior Fellow for International Economics, Council on…