About this episode

Phil Dobbie and Neil Atkinson discuss the impact of the Gulf conflict on the global energy market and the rising costs of oil.

Friday1st May 2026 Please note this communication is not a research report and has not been prepared by NAB Research analysts. Read the full disclaimer here . Phil is joined by veteran energy analyst Neil Atkinson to peel back the curtain on a global energy system pushed to the brink by the ongoing conflict in the Gulf. With the Strait of Hormuz effectively closed, they discuss why the market’s hope for $80 oil later this year may be a "pipeline dream" given that actual physical cargoes are already fetching upwards of $150 a barrel. The conversation dives into the structural shifts reshaping the industry—from the UAE’s seismic departure from OPEC to why major oil giants like BP and Shell are pivoting back to their "fossil fuel basics" to satisfy shareholder demand. Whether it’s the looming threat of aviation fuel shortages in Europe or Australia’s dangerously low 32-day fuel reserve, this episode is an essential guide to understanding the true, long-term cost of a prolonged geopolitical firestorm on the world economy. Hosted on Acast. See acast.com/privacy for more information.

People in this episode

Host: Phil Dobbie

Guest: Neil Atkinson

Topics covered

• global energy system
• oil market
• geopolitical conflict
• aviation fuel shortages
• OPEC changes
• fossil fuel industry

Keywords

• oil prices
• energy crisis
• Gulf conflict
• aviation fuel
• OPEC
• BP
• Shell
• fuel reserves

Mentioned in this episode

Organizations: OPEC, BP, Shell

Places: Gulf, UAE, Europe, Australia

More episodes of NAB Morning Call

• Iran hasn’t paid the price · May 3, 2026 · 15 min
• New oil highs, AI distractions and Yen manipulation? · April 30, 2026 · 16 min

Explore listener stats, chart rankings, contacts and more on the NAB Morning Call podcast page.