The Decibel How the war against Iran is choking global energy supply
18 snips
Mar 4, 2026 Eric Reguly, European bureau chief at The Globe and Mail and energy commentator, breaks down how the Strait of Hormuz and rising insurance costs are constricting oil and LNG flows. He walks through why LNG is far more vulnerable than oil, who might fill supply gaps, naval responses to blocked shipping, and the wider geopolitical ripple effects of restricted Gulf exports.
AI Snips
Chapters
Transcript
Episode notes
Why Gas Prices Are So Much Worse Than Oil
- Global natural gas markets are far tighter than oil markets right now.
- Eric Reguly explains oil has many global suppliers and storage buffers, while LNG supply is concentrated and more easily disrupted, driving sharper price spikes.
Strait Of Hormuz Is Choking Global Shipments
- The Strait of Hormuz controls roughly one fifth of world oil and LNG flows and is currently constraining shipments.
- Reguly notes 25 LNG carriers are anchored because captains avoid transit due to missile attacks and soaring insurance costs.
Geography Gives Iran Disproportionate Leverage
- Iran effectively controls the narrow Hormuz lanes and can disrupt traffic with shore missiles or a single sunken ship.
- Reguly describes shipping lanes only three kilometres each side, making blockade risk outsized relative to geography.