The International Energy Agency describes the current Iran conflict as the “biggest energy crisis in history”. While oil prices have risen sharply, they remain below the real highs of past shocks. However, the impact is being felt very differently around the world, with some countries

even benefiting from the situation. For example, the US and Russia are relatively well placed as major producers, while China and India have buffers through their domestic coal, stockpiles and alternative supplies. Europe, by contrast – especially the UK and Germany – is very exposed because of its energy choices and growing dependence on imported gas.

Markets are already adapting: higher prices encourage new production, alternative routes, and renewed interest in nuclear and other energy sources. Rather than dramatic headlines, this podcast focuses on the more complex reality: an energy problem with very different consequences across the world, not a single historic crisis.