Teneo Insights Podcast Middle East Conflict: Operation Epic Fury and the Implications for Global Markets and Companies
Mar 3, 2026
Emily Stromquist, Teneo political risk and energy markets specialist. Morgan Muir, former intelligence official and national security advisor. Dennis Ross, veteran U.S. diplomat on Middle East policy. They discuss Operation Epic Fury, Tehran’s leadership transition, risks of miscalculation and proxy escalation. They examine U.S.-Israel and Gulf alignments and the near-term impacts on global markets and corporate operations.
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Trump Holds The Off Ramp
- President Trump is the central decision maker who can define success and end the conflict unilaterally.
- Dennis Ross argues Trump can claim victory by saying Iran's threat is set back and thereby wind down operations quickly without pursuing regime change.
Limited Iranian Strikes Signal Ambiguity
- The current Iranian military response appears limited and may reflect either intent to conserve or degraded capability.
- Dennis Ross is watching missile/drone launch rates and any signs of defections as indicators of regime weakness or intent.
What Iran Must Do Next
- Iran likely views the strikes as an existential regime threat and must balance inflicting pain with avoiding total destruction.
- Morgan Muir outlines four Iranian priorities: set leadership, demonstrate retaliation, shorten the war, and manage domestic opposition.