As Iran has tightened its chokehold on one of the world’s most vital shipping routes and the Trump administration sent mixed signals about how long the war would last, oil prices have swing wildly.
Rebecca F. Elliot, who covers energy for The New York Times, explains just how much the world depends on that route — the Strait of Hormuz — and how quickly shutting it down can throw global energy markets into chaos.
Guest: <a href="https://www.nytimes.com/by/rebecca-f-elliott" target="_blank" rel="noopener noreferrer">Rebecca F. Elliott</a>, who covers energy for The New York Times.
Background reading: 
<ul>
 <li>How war in the Middle East is <a href="https://www.nytimes.com/interactive/2026/03/03/business/iran-war-oil-gas-strait-of-hormuz.html" target="_blank" rel="noopener noreferrer">choking off the world’s oil and gas</a>.</li>
 <li>A jump in oil prices was a sign of growing concern that the <a href="https://www.nytimes.com/2026/03/08/business/energy-environment/oil-100-dollars-barrel.html" target="_blank" rel="noopener noreferrer">war will continue to take a toll on energy supplies</a>.</li>
</ul>
Photo: Nicolas Economou/Reuters
For more information on today’s episode, visit <a href="http://nytimes.com/thedaily?smid=pc-thedaily" rel="noopener noreferrer">nytimes.com/thedaily</a>. Transcripts of each episode will be made available by the next workday. 
Subscribe today at <a href="http://nytimes.com/podcasts">nytimes.com/podcasts</a> or on Apple Podcasts and Spotify. You can also subscribe via your favorite podcast app here <a href="https://www.nytimes.com/activate-access/audio?source=podcatcher">https://www.nytimes.com/activate-access/audio?source=podcatcher</a>. For more podcasts and narrated articles, download The New York Times app at nytimes.com/app. Hosted by Simplecast, an AdsWizz company. See <a href="https://pcm.adswizz.com">pcm.adswizz.com</a> for information about our collection and use of personal data for advertising.

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