How Iran Weaponized the World’s Most Important Oil Chokepoint

Edward Fishman joins Rory for a sweeping conversation on the evolution of modern economic warfare, the origins of U.S. sanctions strategy against Iran, and how today’s Strait of Hormuz crisis is reshaping global energy markets in real time. Drawing from his book Choke Points, Fishman explains how sanctions, secondary sanctions, and financial pressure campaigns evolved from quiet Treasury Department diplomacy into one of America’s most powerful geopolitical tools. The discussion also explores why oil prices have remained surprisingly subdued despite major supply disruptions, including the role of Trump’s public interventions, market psychology, and the growing belief that geopolitical risk no longer guarantees an oil price spike. Rory and Eddie debate whether Iran has permanently changed the balance of power in the Persian Gulf by effectively institutionalizing control over the Strait of Hormuz and what that means for global trade, shipping, and future sanctions policy. The conversation revisits the Obama-era sanctions campaign, the collapse of the JCPOA, the rise of shadow fleets and sanctions evasion, and how both China and Iran have adapted to years of American economic pressure. From nuclear negotiations and frozen Iranian assets to tanker tolls, oil inventories, and the limits of American power, this episode connects decades of economic statecraft to the rapidly changing geopolitical landscape investors face today.

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Bob McNally on Hormuz, Oil Prices, and the End of Energy Security Assumptions

Rory Johnston welcomes legendary energy analyst Bob McNally to Oil Ground Up for a sweeping conversation on the Strait of Hormuz crisis, global oil supply disruptions, and the fragile state of today’s...

29 Touko 1h 4min

Energy Stocks Are Still Cheap? Eric Nuttall Explains the Opportunity

Eric Nuttall joins the Oil Ground Up podcast to discuss what he believes is the largest energy supply shock in modern history following the prolonged closure of the Strait of Hormuz. He explains why m...

7 Touko 1h 1min

Tracking Tankers Through Chaos: Shadow Fleets, Blockades, and the New Oil War

Maritime intelligence expert Michelle Bockmann joins the Oil Ground Up podcast to unpack the unprecedented disruption in global oil flows following the effective closure of the Strait of Hormuz. She e...

29 Huhti 54min

Amena Bakr on the Market Blindness to the 13 Million Barrel Shock

Amena Bakr, the Head of Middle East Research at Kpler, joins Rory to provide an inside look at the functional closure of the Strait of Hormuz, where daily traffic has collapsed from 170 vessels to jus...

24 Huhti 1h 5min

Paper vs Physical: Inside Oil’s $30 Backwardation Shock with Veteran Trader Adi Imsirovic

Adi Imsirovic, a veteran oil trader and former academic, returns to the podcast to break down the mechanics of the Brent market at a moment of historic disruption. With more than 13 million barrels pe...

17 Huhti 46min

Record Backwardation: Understanding the Economic Return of USO in the Midst of a Global Supply Loss

John Love, the CEO of USCF Investments, joins the podcast to celebrate the 20th anniversary of the United States Oil Fund (USO), which was the third commodity ETF ever launched. He explains that unlik...

9 Huhti 56min

Brutal Barrel Math: The Destruction of 10+ Million Barrels a Day Demand

Karim Fawaz joins the Oil Ground Up podcast to analyze the relentless four-week closure of the Strait of Hormuz and its impact on global energy balances. The conversation explores why futures markets ...

2 Huhti 58min