Columbia Energy Exchange

In energy markets, all eyes are on the Strait of Hormuz. As of March 11, 2026, this vital passage is effectively closed to tanker traffic, stranding almost a fifth of world supplies of crude oil, oil products, and liquefied natural gas. 
Yesterday, oil prices retreated sharply on a tweet from US Energy Secretary Chris Wright, claiming that the US Navy had escorted a tanker through Hormuz. That tweet was retracted, and was followed by reports that US intelligence had detected signs Iran had begun placing mines in the Strait. 
To help sort through the quickly-changing events in the Middle East and dig into how they impact energy security, we are launching a new, limited series of the Columbia Energy Exchange podcast: the Iran Conflict Brief. To kick off the series, Daniel Sternoff, a senior fellow at the Center on Global Energy Policy, speaks with Mike Knights about what needs to happen in order for oil and gas flows to resume through the Strait of Hormuz.
Mike is an expert on Gulf and Middle East security and leads research at Horizon Engage, a strategic advisory firm. For over 20 years he has advised operators and investors in the region of political and security risks. He is also an adjunct fellow at the Washington Institute for NearEast Policy, where he co-founded the Militia Spotlight, focused on Iran-backed proxies.
Credits: Hosted by Daniel Sternoff. Produced by Mary Catherine O'Connor and Kyu Lee. Engineering by Gregory Vilfranc

The conflict in the Middle East is evolving with incredible speed, creating a landscape where the complexities of understanding both immediate and long-term outcomes have never been greater.

W​e'll still be here every Tuesday for our deep-dive conversations​ on the global energy landscape. But the ​speed of events in Iran and ​across the region demands a different kind of coverage. That's why we're launching a new limited series:​ the Iran Conflict Brief.

It's a rapid-response ​p​odcast ​hosted by ​Daniel Sternoff and other experts from Columbia​ University SIPA's Center on Global Energy Policy​. ​In conversations with other leading voices, we're going to ​help answer the biggest questions of the day in ​30 minutes or less.

From the latest on​ policy shifts to ​g​lobal energy markets and geopolitical dynamics—we're tracking it all.

Look for the first episode of the Iran Conflict Brief right here in your Columbia Energy Exchange feed.

Since the US-Israeli bombing campaign began in Iran, energy markets around the world have been on edge as the conflict threatens immediate and long-term energy supplies. We've seen major disruptions throughout the Gulf region, with the closure of the Strait of Hormuz and massive price spikes and swings in oil and natural gas.  
This is of course exposing serious vulnerabilities across global energy markets and it's putting a spotlight on what's happening in the deeply integrated markets of Russia and China. 
Even before the conflict started, Russia's energy sector was struggling under the weight of infrastructure damage inflicted by Ukrainian forces. But now Russia has emerged as an unlikely safety valve for the market, benefiting from the massive supply shortages. 
Meanwhile, China finds itself in a precarious balancing act; it is being forced to look at alternative markets for relief and is reportedly reviving discussions around major energy projects, such as the Power of Siberia 2 natural gas pipeline with Russia. 
So how is Russia responding to the current crisis? And how is it impacting China, which is particularly exposed to disruptions in Gulf energy flows? How might this crisis change Russia's approach to the European energy market? And is the conflict accelerating a deeper fragmentation — moving toward a world of competing energy blocs rather than a single global energy market? 
Today on the show, Jason Bordoff speaks with Erica Downs, Tatiana Mitrova and Sergey Vakulenko about how the crisis in the Middle East is impacting Russia and China and what each country stands to gain or lose.
Tatiana is a global fellow at CGEP. She has deep expertise in Russian and global energy markets, including production and pricing.
Erica is a senior research scholar at CGEP, where she focuses on Chinese energy markets and geopolitics. 
Sergey is a senior fellow at the Carnegie Russia Eurasia Center. Prior to this, he led strategy, innovations, and sustainability at the Russian oil producer Gazprom Neft. 
Credits: Hosted by Jason Bordoff and Bill Loveless. Produced by Mary Catherine O'Connor, Caroline Pitman, and Kyu Lee. Engineering by Gregory Vilfranc.

On February 28, the United States and Israel launched a campaign against Iran targeting military infrastructure and the regime's core leadership. Supreme Leader Ayatollah Ali Khamenei and several senior officials died in the attacks, which triggered a leadership crisis and inflamed tensions throughout the Middle East.  
In the immediate aftermath, Iran launched extensive barrages of drones and ballistic missiles aimed at Israel, US military bases, ​and other targets in neighboring Gulf states. Energy prices rose sharply.
This regional shift carries immediate and enduring consequences for global geopolitics and the stability of international energy flows. ​The outcome of the conflict—and the ultimate fate of the Iranian regime—remains deeply uncertain. Even with these open questions, the trajectory of this escalation will likely redefine the future of Middle Eastern security, global power dynamics, and the world's energy markets.
How is the conflict evolving, and how might it end? What are the impacts on Gulf states and what are some of the possible paths forward? And how is this all impacting oil and gas markets across the globe?
Today on the show, Jason Bordoff speaks with four experts from the Center on Global Energy Policy—Anne-Sophie Corbeau, Richard Nephew, Daniel Sternoff, and Karen Young—to discuss the escalating conflict and its impact on energy and geopolitics.
Anne-Sophie is a global research scholar at CGEP, where she focuses on hydrogen and natural gas. She previously worked as a senior analyst at BP and the International Energy Agency.
Richard is a senior research scholar at CGEP and formerly served as the US deputy special envoy for Iran under the Biden administration, where he played a key role in negotiations over the Iran nuclear deal. 
Daniel is a senior fellow at CGEP and heads its corporate partnership strategy. 
Karen is a senior research scholar at CGEP with expertise in the Middle East focusing on geopolitics, the political economy of Gulf states, and energy policy.
The Center on Global Energy Policy at Columbia University SIPA is closely following the escalating conflict in Iran and its implications for US national security, Middle East geopolitics, and global energy markets. See all of our coverage here.
Credits: Hosted by Jason Bordoff and Bill Loveless. Produced by Mary Catherine O'Connor, Caroline Pitman, and Kyu Lee. Engineering by Gregory Vilfranc.

President Trump has aggressively used tariffs as an economic tool, but a US Supreme Court decision on Friday struck down his sweeping tariffs, bringing new uncertainty. The court, in a 6-to-3 decision, ruled that the president had exceeded his authority when he imposed tariffs on nearly every US trading partner last year.
President Trump moved swiftly to work around the court by imposing levies using other trade powers. On Saturday, Trump said that he would raise the new global tariff rate to 15%, using a provision in a law that allows him to impose an across-the-board tariff. This measure can only be enacted for 150 days unless Congress agrees to extend it. Trump also said he would use the act to investigate other countries' unfair trade practices, which could result in additional tariffs. 
What does the Supreme Court ruling mean for the president's ability to wield tariffs for geopolitical pressure? How will this impact US trading partners and existing trade deals? And what about the impact on the energy sector, from oil and gas to clean energy products? 
Today on the show, Jason Bordoff speaks with two researchers from the Center on Global Energy Policy, Richard Nephew and Trevor Sutton, to unpack the ruling.
Richard formerly served as the US deputy special envoy for Iran under the Biden administration, where he played a key role in negotiations over the Iran nuclear deal. From 2013-2015, Richard also served as the Principal Deputy Sanctions Coordinator at the US Department of State.
Trevor focuses on the intersection of trade, climate, and industrial policy. He leads the center's program on trade and the clean energy transition. Trevor previously served as research director of the Remaking Trade for a Sustainable Future project.
Credits: Hosted by Jason Bordoff and Bill Loveless. Produced by Mary Catherine O'Connor, Caroline Pitman, and Kyu Lee. Engineering by Gregory Vilfranc.