War in Iran Triggers Chaos in Global Oil Market
The Daily
03/11/26
•29m
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As Iran has tightened its chokehold on one of the world’s most vital shipping routes and the Trump administration sent mixed signals about how long the war would last, oil prices have swung wildly.
Rebecca F. Elliott, who covers energy for The New York Times, explains just how much the world depends on that route — the Strait of Hormuz — and how quickly shutting it down can throw global energy markets into chaos.
Guest: Rebecca F. Elliott, who covers energy for The New York Times.
Background reading:
- How war in the Middle East is choking off the world’s oil and gas.
- A jump in oil prices was a sign of growing concern that the war will continue to take a toll on energy supplies.
Photo: An island in part of the Strait of Hormuz. The war in the Middle East has affected the strait, a conduit for about a fifth of the world’s oil. Nicolas Economou/Reuters
For more information on today’s episode, visit nytimes.com/thedaily. Transcripts of each episode will be made available by the next workday.
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Previous Episode
What We’ve Learned From 10 Days of War
March 10
•38m
What began as a relentless U.S.-Israeli military assault on Iran has turned into a wider crisis as the disruption of the world’s oil markets spreads beyond the Middle East.
Eric Schmitt, a national security correspondent for The New York Times, discusses what we know about the players involved in the fighting.
Guest: Eric Schmitt, a national security correspondent for The New York Times based in Washington.
Background reading:
- War with Iran has become the world’s latest economic hazard.
- Follow updates on the fighting in the Middle East.
Photo: Arash Khamooshi for The New York Times
For more information on today’s episode, visit nytimes.com/thedaily. Transcripts of each episode will be made available by the next workday.
Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify. You can also subscribe via your favorite podcast app here https://www.nytimes.com/activate-access/audio?source=podcatcher. For more podcasts and narrated articles, download The New York Times app at nytimes.com/app.
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Next Episode
A continuing military investigation has determined that the United States is responsible for a strike that hit an elementary school in Iran, according to U.S. officials and others familiar with the preliminary findings. Iranian officials have said the death toll was at least 175 people, most of them children.
Malachy Browne and Julian E. Barnes, who have been covering the strike, discuss what probably led to one of the most devastating military errors in decades.
Guest:
- Malachy Browne, the enterprise director of the Visual Investigations team at The New York Times.
- Julian E. Barnes, a reporter covering the U.S. intelligence agencies and international security matters for The New York Times.
Background reading:
- A preliminary inquiry said that the United States was at fault in a strike that hit a school in Iran.
- A New York Times visual investigation suggested that the strike appeared to have been part of an attack on an adjacent naval base.
Photo: In a photograph made available by an Iranian semiofficial news agency, rescue workers and residents searched through rubble in Minab, Iran, after a strike heavily damaged a school. Mehr News Agency, via Associated Press
For more information on today’s episode, visit nytimes.com/thedaily. Transcripts of each episode will be made available by the next workday.
Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify. You can also subscribe via your favorite podcast app here https://www.nytimes.com/activate-access/audio?source=podcatcher. For more podcasts and narrated articles, download The New York Times app at nytimes.com/app.
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