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About this episode
The episode discusses the ongoing Iran war and its implications for U.S. politics and oil prices.
The Iran war has reached the six-month mark, far beyond the quick victory Trump once promised. Pakistan says it’s still working on diplomacy to reopen the Strait of Hormuz, while Trump says he has no timetable for ending the conflict and insists the United States is winning. The big story is that there now appears to be free passage through the American-controlled corridor off Oman’s coast. About half of the prewar oil traffic is reportedly getting through. That would represent a significant loss of Iranian leverage — but only if crude prices begin to fall. Brent crude remains just under $90 a barrel. That’s the low end of high, not the meaningful decline we saw during the memorandum-of-understanding period. Iran is at an impasse. Regime leaders have reportedly been doxxed, people aren’t getting paid because the country can’t move oil, and there are rumors that the supreme leader may be dead. If Iran’s leverage since the revolution was “Don’t interact with us or we’ll derail the world economy and set the region on fire,” that doesn’t appear to have happened. Its proxies haven’t ignited the region, its oil isn’t moving normally, and it may now be operating without a supreme…
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