Economist Podcasts Strait of shock: Iran economic fallout
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Mar 11, 2026 
Andrew Miller, a cultural columnist who interviews filmmakers, talks with Jafar Panahi about making films under repression. Noah Sneider, an East Asia bureau chief, covers Japan’s restart of nuclear reactors after Fukushima. Rachana Shanbhogue, a business and finance editor, explains oil-market shocks from Iran, Strait of Hormuz risks and policy trade-offs. They discuss security, energy supply and artistic resilience.
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Strait Of Hormuz Drives Oil Price Volatility
- Oil markets are reacting to threats to the Strait of Hormuz, where about $20bn of oil and a fifth of global trade passes daily.
- Rachana Shanbhogue explains prices spiked near $120 then settled around $90 after mixed signals about transit and US statements.
Use Strategic Reserves Only As Short Term Relief
- Release of IEA strategic stocks can offer temporary relief but has capacity and signalling limits.
- Members hold ~1.2bn barrels and geological constraints mean only a drip-feed is realistic, so it's short-term fix only.
Escorting Ships Is Logistically And Politically Fraught
- Naval escorts could in principle protect tankers but are slow, costly and make escorts vulnerable to Iranian attacks.
- Rachana cites 1980s convoys that were slow and impractical given today's backed-up traffic.