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In this urgent episode of Monetary Matters Today, Jack sits down with Rory Johnston of Commodity Context to break down the unprecedented global oil shock caused by the ongoing war in Iran and the closure of the Strait of Hormuz. With 20 million barrels of daily flow disrupted and 9 million barrels of confirmed production shut-ins across the Middle East, Johnston warns that the market is facing a supply loss multiple times larger than the 2022 Russian invasion fears. They explore the timeline of global impact, the looming threat of operational shutdowns for Asian refineries, and why Johnston believes political de-escalation by President Trump is the only way to avoid $200+ oil and a global economic depression. Recorded March 19, 2026.
Pieces discussed:
Oil & Iran War Context Weekly (W11) (March 13 2026)
https://www.commoditycontext.com/p/ocw11w26
“No End in Sight,” March 12, 2026:
https://www.commoditycontext.com/p/no-end-in-sight
Oil and the Iran War Context Weekly (W10), March 6, 2026:
https://www.commoditycontext.com/p/ocw10w26
North American Oil Data Deck (March 4, 2026):
https://www.commoditycontext.com/p/north-american-oil-data-deck-march-2026
“Strait to the Point on Iran (March 2, 2026)”:
https://www.commoditycontext.com/p/strait-to-the-point-on-iran
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