Nonresident Fellow
Nonresident Fellow in Energy and Global Oil
The closure of the Strait of Hormuz led to months of volatility in the oil market, but a new memorandum of understanding between the United States and Iran offered the first signs of a path toward stability. However, short-term risks for the oil market remain as a broader peace deal is discussed, and long-term questions are emerging as global suppliers and consumers seek to prevent a similar shock in the future. In this episode of “The Energy Forum,” Abhi Rajendran and Skip York explore what the market’s response reveals about the shifting foundations of global oil.
Show note: This episode was recorded on July 2, 2026, when the U.S.-Iran ceasefire was still in place, and oil prices were easing; since then, on July 8, President Donald Trump has declared the ceasefire “over,” and oil markets have repriced renewed geopolitical risk.
Subscribe and listen to “The Energy Forum” on Apple Podcasts, Spotify, YouTube, or wherever you listen to podcasts.
Hosted by experts at the Baker Institute Center for Energy Studies, “The Energy Forum” podcast brings together policymakers, researchers, and industry leaders to explore key topics in energy and sustainability.
This material may be quoted or reproduced without prior permission, provided appropriate credit is given to the author and Rice University’s Baker Institute for Public Policy. The views expressed herein are those of the individual author(s), and do not necessarily represent the views of Rice University’s Baker Institute for Public Policy.
