The Rest Is Money 257. Iran War: Are investors getting it wrong?
26 snips
Mar 5, 2026 They unpack why oil prices have barely budged despite attacks on key Middle East energy sites. They survey damage to shipping lanes, refineries and LNG terminals and what that means for wholesale gas. They flag broader risks to inflation, food costs and central bank policy. They also consider political strains between the UK and US and the possible economic fallout.
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Straits Of Hormuz Choke Point Is Halting Shipments
- The Straits of Hormuz remains a near-complete choke point with very few ships passing, disrupting LNG and oil flows.
- Steph McGovern highlights Chinese and Russian ships moving while insurers refuse coverage and Qatar has paused major LNG and downstream fertilizer output.
UK Wholesale Gas Just Had Its Biggest Two Day Jump
- UK wholesale gas prices spiked sharply, marking the largest two-day increase on record and hitting highs not seen since 2022.
- Steph McGovern warns the rapid rate of change is alarming even if absolute levels are below the Ukraine-war peak.
Iran's Strike Capacity Has Fallen But Threat Remains
- Military actions have degraded Iran's missile and drone volumes somewhat, which supports investor optimism about reduced intensity.
- Robert Peston says the number of missiles and drones coming out of Iran has fallen, tempering some market fears.