War Gaming Oil Prices: Geopolitics, Not Markets, Setting Prices

Iran's disruption of the Strait of Hormuz removed millions of barrels of oil from global markets and exposed a hard truth: energy has become a geopolitical weapon. Energy economist Ed Hirs joins me to explain why oil prices didn't reach the levels many analysts expected, how strategic petroleum reserve releases helped stabilize markets, and why countries like China, Saudi Arabia, Israel, Russia, and Ukraine now have unprecedented leverage over global energy prices. We also discuss: • Why oil prices could remain volatile despite the ceasefire • How China can influence global oil markets • Saudi Arabia's evolving relationship with the United States • Why U.S. producers aren't rushing to drill more oil • The political risks facing Washington ahead of the midterm elections • What investors are getting wrong about the oil market This conversation explores the intersection of energy, geopolitics, and economics at a moment when all three are becoming increasingly difficult to separate. #OilMarkets #Iran #StraitOfHormuz #EnergySecurity #Geopolitics #OilPrices #SaudiArabia #China #Russia #EnergyTransition #EnergyNews #MarkhamHislop