Odd Lots Daniel Yergin Sees a 'Different World' Emerging After the Hormuz Crisis
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Apr 22, 2026 
Daniel Yergin, S&P Global vice chairman and Pulitzer-winning energy historian, maps the fallout from the Hormuz crisis. He explores shifting global power, supply shock fears, and why drones changed the Strait’s strategic balance. The conversation also turns to AI’s huge electricity appetite, tech companies diving into power planning, and rising energy security risks worldwide.
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Hormuz Closure Split Financial And Physical Oil Markets
- Daniel Yergin says the Hormuz closure was the long-feared nightmare scenario that finally happened and changed how countries think about energy.
- Futures implied a short crisis, while physical markets priced immediate scarcity as Asia struggled to secure supplies.
Hormuz Exposed Hidden Gulf Supply Chain Dependence
- CERAWeek participants saw more than an oil shock because LNG, fertilizer, petrochemicals, sulfur, helium, and Gulf capital were all disrupted.
- Taiwan's chip industry needs Gulf helium, while Asia faced canceled flights and LPG shortages that shut Indian restaurants.
AI Turned Electricity Into The New Energy Security
- Even during the war, AI power demand dominated CERAWeek as tech and energy executives confronted whether the US can build enough electricity fast enough.
- Daniel Yergin says energy security had shifted toward electricity, while utilities suddenly faced 5% to 8% demand growth after years of stagnation.
