Energy prices have shot up following an Iranian strike on a crucial gas field in Qatar, in addition to Israeli and U.S. attacks on Iranian oil infrastructure and the effective closure of the Strait of Hormuz. Prices for Brent crude, the main benchmark for oil, have jumped by about half since the start of the war—and by about three-fourths since the start of the year. How high could energy prices get, and for how long? Even if the war ends, what would it take for normal service to resume and the global energy shock to subside?
Jason Bordoff, a Foreign Policy columnist and the founding director of the Center on Global Energy Policy, joined FP Live to explore the dynamics shaping the energy markets. Bordoff previously served as a senior director for energy and climate in the National Security Council under the Obama administration.
Watch the interview on FP’s site: https://foreignpolicy.com/live/jason-bordoff-global-energy-shock-iran-war/
0:00 Intro
2:34 Strait of Hormuz
6:01 Damage to energy infrastructure
8:24 Kharg Island
9:17 Economic impacts
11:48 Lifting sanctions on Russia and Iran
14:59 China’s response
18:06 U.S. oil dominance
23:38 What comes next?
31:00 Geopolitical fallout
35:48 U.S. decision-making
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FP Live is Foreign Policy’s forum for live journalism that brings leading foreign-policy experts and thinkers together to analyze the world’s biggest events. Visit http://foreignpolicy.com/live for the full conversation and more live journalism from Foreign Policy.
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Credit to : Foreign Policy