Why Oil Still Runs the World

This week on Prof G Markets, Daniel Yergin joins Ed Elson to discuss global energy security and how the war in Iran has gripped oil markets recently. They also cover what’s next for energy prices and production, and who comes out of this conflict on top. Daniel Yergin is the Vice Chairman of S&P Global and Pulitzer Prize–winning author of The Prize: The Epic Quest for Oil, Money, and Power and The New Map: Energy, Climate, and the Clash of Nations. Get your tickets to the Prof G Markets Tour: https://profgmarketstour.com Subscribe to the Prof G Markets newsletter: https://links.profgmedia.com/markets-... Order Notes On Being A Man now! https://amzn.to/4nl4VKo Timestamps: 00:00 Intro 00:04 Today's episode 01:04 Interview with Daniel Yergin 01:16 What is Iran's role in the world of energy? 03:03 Is Iran’s real power coming from a geographical advantage rather than the oil itself? 04:20 Has the Strait of Hormuz become increasingly more central to global trade? 05:25 To what extent were we actually aware of how important the Strait of Hormuz actually was? 06:30 What did you think of the U.S. strike against Iran and what did you predict would happen next? 07:41 Did this strike make sense to you in terms of timing and reasoning? 08:51 Was that boiling point the conflict that we saw within Iran? 10:20 Is the war going according to plan after 2 months? 12:37 Why do you find that hard to believe? 14:39 For how long will oil prices remain elevated? 17:15 To what extent will this have long-term impacts on other markets outside of the U.S.? 19:18 How will this impact the U.S.’s relationship with these other nations? 22:07 Ad break 23:38 What does this do to America’s relationship with the Gulf states? 27:35 Is this one of the learnings from this oil crisis? 30:45 Are you surprised that we are still dependent on oil after writing your book? 32:37 What is the future of energy at this point? 36:44 Ad break 37:35 To what extent is the U.S. actually energy independent? 39:28 Do you think that political pressure would be enough to have an influence on the way that this administration handles this war? 40:57 Do you think a deal would ever occur? 41:55 Do you think that Wall Street and markets are mispricing oil? 43:08 Have you ever seen the future of the markets dependent on a small handful of people? 45:07 What could we learn from this about how power works and who really dominates our society today? 46:42 Who is winning? 48:39 And what about America? 50:13 What does this mean for the future of energy? 53:04 Credits Follow Scott on Instagram:   / profgalloway   Follow Ed on Instagram, X and Substack:   / ed_elson_     / edels0n   https://substack.com/@edwardelson Subscribe to Prof G Markets on Spotify: https://links.profgmedia.com/markets-... Got a question for Prof G? Get answers on TikTok: https://links.profgmedia.com/tiktok Want more Prof G? Check out everything we're up to at: https://links.profgmedia.com/home Send us your questions or comments by emailing [email protected] Note: We may earn revenue from some of the links we provide. #business #news #tech #financemotivation #stockmarket #profg #scottgalloway #edelson #profgmarkets #ai #earnings #stocks #inflation #investmentstrategies #investment #investing #gdp #tariffs #2026