19: What the US Strikes on Iran Mean for Global Energy Markets

The United States has launched strikes on Iran — and global energy markets are already reacting. How far could this escalation reach, from the Strait of Hormuz to gasoline prices and electricity bills here at home? Ambassador David M. Satterfield, director of Rice University’s Baker Institute for Public Policy, is joined by Kenneth B. Medlock III, director of the Center for Energy Studies, to unpack the energy implications of rising tensions in the Middle East. They explore how potential disruptions to shipping through the Strait of Hormuz could affect oil and liquefied natural gas flows, why the difference between kinetic threats and commercial risk matters, and how insurers and transport markets respond in moments of geopolitical uncertainty. The conversation also examines the short- and long-term impacts on global energy trade — including consequences for Europe, China, South Asia, and Russia — before turning to what American consumers may feel most directly: price changes at the pump and shifts in electricity costs tied to natural gas. This conversation was recorded on March 3, 2026. Featured: Kenneth B. Medlock III, Ph.D. Listen and subscribe to “Baker Briefing” on Apple, Spotify, or your preferred podcast platform.   You can follow @BakerInstitute on X, Instagram, LinkedIn, and YouTube. Learn more about our data-driven, nonpartisan policy research and analysis at bakerinstitute.org.