POLITICO Energy Why high oil prices may outlast the war in Iran
Mar 13, 2026
Scott Waldman, a White House reporter covering climate and energy, explains why oil prices could stay high even after the Iran conflict ends. He discusses damage to regional infrastructure, risks to shipping through the Strait of Hormuz, and how proxy attacks and mine-laying can keep supply tightened. The conversation also touches on political consequences as voters feel fuel pain.
AI Snips
Chapters
Transcript
Episode notes
Physical Damage Keeps Oil Offline
- Damage to regional energy infrastructure can keep oil offline long after fighting stops.
- Scott Waldman notes hits to storage in Bahrain, Qatar gas shutdowns, and wells losing pressure when restarted.
Conflict May Outlast Official End
- Even if the U.S. declares the war over, Iran may continue attacks that sustain market disruptions.
- Waldman highlights Iran's explicit intent to keep the Strait of Hormuz closed and attacks on tankers off Iraq.
Mined Waters Amplify Economic Risk
- Mine placement in the Strait of Hormuz can prolong closures and amplify economic damage.
- Waldman cites reports of mines and U.S. efforts to destroy mine-laying ships and warns two-month closures could trigger deep recessionary effects.