
Merryn Talks Money Cambridge Professor Helen Thompson on the Iran War, Energy Markets and Britain’s Risks
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Apr 6, 2026 Helen Thompson, Cambridge professor of political economy and energy expert. She unpacks how the Iran war reshapes oil, gas and supply chains. Asia and Europe face different shocks. Britain’s energy strategy and North Sea choices look exposed. Regional price splits and aviation fuel shortages loom.
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No Return To Prewar Energy Normal
- Damage to Gulf energy infrastructure (notably Qatar's LNG and Gulf refineries) means a permanent reassessment of assuming Hormuz routes are reliable.
- Thompson expects importers and exporters to change strategy, e.g., Asia reconsidering Siberia 2 pipeline with Russia.
Qatar Saw The Strike As A Psychological Shock
- Qatar described the Iranian strike on its LNG facilities as an unimaginable betrayal during Ramadan, marking a psychological turning point.
- Thompson cites a Qatari official saying he 'never in his wildest nightmares' expected a Muslim country to attack Qatar's gas infrastructure.
Aviation Fuel Shortages Hit Europe First
- Europe (and the UK) has been relatively sheltered so far but is highly reliant on Gulf-sourced aviation fuel, so airfares rose first.
- Thompson notes petrodiesel and petrol impacts will follow rapidly as tanker deliveries and refining constraints bite.




