The Story Why oil matters: conflicts abroad, costs at home
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Mar 11, 2026 Harry Wallop, consumer journalist who decodes how oil and gas swings hit household bills. Dr Ellen R. Wald, energy expert on Middle East strategy and oil geopolitics. They discuss why the Strait of Hormuz matters, how tanker disruptions spike prices, tools to calm markets, potential triple-digit prices if flows stop, and how oil shapes wars, inflation and home heating costs.
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Strait Of Hormuz Controls Global Oil Flow
- The Strait of Hormuz is a critical narrow chokepoint that normally carries about 20% of the world’s petroleum exports.
- Ellen Wald explains most Persian Gulf oil must transit this difficult, narrow waterway, so stoppages sharply cut global supply.
Use IEA Reserves To Calm Markets
- Governments can ease a supply shock by coordinating releases from IEA strategic reserves to flood refineries and lower prices.
- Ellen Wald notes every IEA member must hold 90 days of imports and a coordinated release is a ready tool not yet used.
Insurance And Proximity Are Halting Tankers
- Tankers avoid the Persian Gulf due to high insurance and drone/missile risk near Iran’s coastline, raising transport costs and halting flows.
- Wald suggests moving shipping lanes farther from Iran or ending the conflict to reduce risk and restore transit.
