Strait of Hormuz Closure and the Oil Price Roller Coaster
This week on the podcast, Jackie and Peter review developments in the Iran war, which entered its tenth day at the time of recording on the morning of March 9, 2026.
The U.S. reports striking thousands of targets in Iran during the first week of the conflict and damaging or destroying more than 40 Iranian naval vessels. In response, Iran and the Islamic Revolutionary Guard Corps (IRGC) have launched missiles and drones across more than ten countries in the region.
Energy infrastructure across the Middle East has also been targeted, including facilities in Saudi Arabia, Qatar, Bahrain, Kuwait, the UAE, and Iran. Some regional producers have shut in oil production due to export disruptions, full storage tanks, and, in some cases, damaged facilities.
Tankers continue to avoid the Strait of Hormuz, a chokepoint through which roughly 20% of the world’s oil supply and LNG trade normally pass. The U.S. has offered naval escorts and a $20 billion tanker reinsurance program to restore shipping, but tankers are not moving yet. WTI briefly surged to about US$118 per barrel on March 9, before easing, amid reports that the G7 was considering releasing strategic petroleum reserves (SPR) and comments from the US President suggesting that the conflict could be nearing an end.
Jackie and Peter also explore potential winners from the crisis, including renewable energy and other alternatives, electric vehicles (EVs), Russia, and possibly Canada, particularly if Canada can expand market access and increase oil and gas production.
Content referenced in this podcast:
- Financial Times: G7 discuss joint release of emergency oil reserves (March 9, 2026)
- Polymarket: US X Iran cease-fire by….
- CBC: Nervous nations calling Canada’s energy minister after Iran strikes (March 3, 2026)
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