Why a Closed Strait of Hormuz Is a ‘Smoking Risk’ for Global Markets

Why a Closed Strait of Hormuz Is a ‘Smoking Risk’ for Global Markets

From WSJ's Take On the Week by The Wall Street Journal

March 15, 2026 · 31 min

About this episode

The episode discusses the impact of the Strait of Hormuz attacks on global markets and oil prices, featuring insights from Admiral James Stavridis on tactical options and investment opportunities.

In this week's episode of WSJ’s Take On the Week, co-hosts Telis Demos and Miriam Gottfried discuss how attacks in the Strait of Hormuz are sending shockwaves through the markets and pushing oil prices higher. They analyze how the most recent jobs report showing a 92,000 job loss in February – and rising inflation fears – have complicated the Federal Reserve’s mandate. Plus, the hosts look at how some of our listeners and viewers are adapting their portfolios to respond to the war in Iran. After the break, Miriam and Telis are joined by James Stavridis, vice chairman of the Carlyle Group and a retired U.S. Navy Admiral, to discuss the tactical options and economic impact of a blockade by Iran in the Strait of Hormuz. The Admiral explains that it’s not just oil that won’t get through the strait. He outlines the investment opportunities emerging from the crisis, including unmanned naval drones and AI-driven warfare to the expanding role of private credit in the defense sector. Also, he shares three scenarios—including a breakthrough in Venezuela—that could bring oil prices back down. This is WSJ’s Take On the Week where co-hosts Telis Demos, Heard on the Street’s banking and money…

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