The Debate

A most confusing Wednesday it was. In the space of six minutes, during a single press conference, the White House spokesperson first hailed the reopening of the Strait of Hormuz, then called on Iran to reopen the world’s most oil-sensitive shipping lane. Five weeks of contradictory statements have bred wider uncertainty over the true contents of the ceasefire deal – and even who is party to it. Confusion moves markets, and in a war that has triggered the most severe energy crisis in decades, oil prices reflect that volatility: having fallen sharply on Wednesday, they have since climbed back above $100 a barrel.

No apocalypse. Instead, an eleventh-hour ceasefire between Iran and the United States – one that is still being tested – with both sides claiming victory after five and a half weeks of war that may reshape how the world views them.

Is Europe’s future on the ballot in Hungary? In Budapest, the US vice president is actively stumping for far-right incumbent Viktor Orban who trails in the polls ahead of Sunday’s general election. European politicians sometimes campaign for likeminded peers from neighbouring nations, but in this case, it is the United States openly taking aim at the bloc using the same talking points as Vladimir Putin’s Russia. 

Might is right… until it isn’t. 2026 began with US commandos seizing Venezuela’s president in a zero-casualty operation that put the rest of the world on notice. But now, Donald Trump’s first prime-time address in nearly five weeks of war is worrying markets rather than reassuring them. The US president is telling affected nations to buy more oil from him – and, if they are so concerned about energy security in the Strait of Hormuz, to go in themselves and sort it out.

Are we witnessing globalisation’s biggest turning point since the end of the Cold War? With Asia feeling the impact of US President Donald Trump’s war against Iran, and steadfast American allies such as the Philippines forced to declare an energy emergency, the immediate consequences are rippling through nations that manufacture much of what we buy in the West – with a boomerang effect for the rest of the world.

The Lebanese have seen it all: from civil war to the 2019 protests demanding an end to revolving-door politics; from the 2020 Beirut port explosion, which exposed the tragic consequences of nepotism, to Israel’s 2024 operation targeting its longtime foe, Hezbollah. Now Israeli ground forces have returned once again to confront the Tehran-backed group. Lebanon thus finds itself a second front in the month-long war launched against Iran.

What could possibly go wrong? As Donald Trump repeats threats of a Venezuela-style seizing of Tehran's oil exports and as US assault troops get in position, the price of oil is blowing past $110 a barrel, as markets take it at face value that the Pentagon is planning to make a grab for Kharg Island – the hub for nearly 90 percent of Iranian crude exports.

As G7 foreign ministers root for the off-ramp in the Iran war, François Picard’s panel weighs the damage done to the region, to the world economy and to transatlantic trust. From Donald Trump's threats against NATO allies to France denying it disinvited South Africa from June's G7 summit to placate Washington, we weighs US threats… and those of Iran.

It's Trump's war, but is it also NATO's problem? Europeans are forced to bear the security and financial consequences of the second war on their doorstep. We see if our panel agrees with NATO Secretary General Mark Rutte, who assures it's only a matter of "a couple of weeks" before traditional allies agree to help secure the Strait of Hormuz. 

Nomi Bar-Yakov, international negotiator focusing on back-channel diplomacy. Jasmine Al-Gamal, former Pentagon advisor on U.S. policy and military-diplomatic trade-offs. Bertrand Besson-Seno, ex-French ambassador with Gulf mediation experience. Payman Asmodeur, regional analyst on Iranian strategy. They debate claims of secret talks, potential mediators like Pakistan, the impact of Lebanon and Gaza-style operations, and how domestic politics shape urgency.