The Rest Is Money 261. Dire straits: Should the Royal Navy end the Iran oil blockade?
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Mar 16, 2026 Discussion of Trump’s push for allies to help reopen the Strait of Hormuz and the naval and escalation risks of sending mine-hunting drones and ships. Exploration of why an oil shock hits Europe harder while US fracking cushions America. Focus on soaring heating oil prices for rural households and the trade-offs between targeted fuel support and costly universal subsidies.
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Why Hormuz Hits Europe Harder
- The Strait of Hormuz closure hurts Europe and Asia far more than the US because America is largely energy self-sufficient after decades of fracking.
- Robert Peston explains higher oil prices benefit US producers and Russia, while Europe faces bigger economic damage from disrupted flows.
How Kraken Fueled Octopus Growth
- Greg Jackson recounts launching Kraken as an engine that powered Octopus and licensing it to rivals.
- He highlights that competitors will collaborate when it's in their interest, which accelerated Octopus's growth.
Drones Could Still Drag Britain Into War
- Sending British warships or even unmanned mine-hunting drones risks escalation and could draw the UK into offensive action.
- Peston warns a destroyed British ship or tanker under our watch would make retaliation politically difficult to avoid.