This week's edition dissects the cascading vulnerabilities reshaping global energy and finance. From escalating oil supply shocks and a private credit market bracing for defaults to India’s pragmatic energy transition, we explore how geopolitical risks are forcing a fundamental re-evaluation of stability and control. We close with a look at how nations are prioritizing security over efficiency – and the implications for the international order.

Explore the full visual digest at pers-int.com

0:00 - Introduction
1:18 - Geopolitical Risks & Global Oil Supply
10:22 - Financial Market Volatility & Private Credit Concerns
15:34 - Commodity Trade Shifts & Economic Power
20:35 - Natural Gas Markets: Infrastructure & Trade Realities
24:56 - India's Energy Transition & Decarbonization Challenges
29:00 - Conclusion

Referenced sources:
Argus Metals Movers Turkey's flat steel trade patterns set to shift in 2026 (Argus Media)
Chemical Conversations Assessing the Middle East conflict's impact on the global ethylene outlook (Argus Media)
Falando de Mercado Desafios do gás natural no Brasil (Argus Media)
Market Talks Challenges in Brazil's natural gas market (Argus Media)
Bloomberg Surveillance TV March 23rd, 2026 (Bloomberg Surveillance)
Single Best Idea With Tom Keene Gary Gensler (Bloomberg Surveillance)
Single Best Idea With Tom Keene Jason Trennert and Sir Mark Rowley (Bloomberg Surveillance)
Iran Conflict Brief The High Cost of Attacking Energy Infrastructure (Columbia Energy Exchange)
Michael Gerrard and Jeff Holmstead on Next Chapter in US Climate Policy (Columbia Energy Exchange)
Decarbonizing India's industrial, power sectors challenges and roadmaps (Commodities Focus)
CERAWeek War, energy security, and the redrawing of global trade flows (Energy Evolution)
The math behind emissions Why carbon accounting matters now more than ever (Energy Evolution)
Credit Crunch Proskauer's Boyko on Outcomes in Private Credit (FICC Focus)
State of Distressed Debt Davis Polk's Resnick on Emerging LME Trends (FICC Focus)
How to Reopen the Strait of Hormuz (Geopolitics Decanted with Dmitri Alperovitch)
Greg Brew on Surging Energy and the 'Strategic Trap' of the War in Iran (Odd Lots)
How War in Iran Will Squeeze America's Farmers Even Further (Odd Lots)
War in Iran Is Redrawing the Map for Natural Gas (Odd Lots)
Europe's jet fuel prices rally to record highs on Persian Gulf shut-in (Oil Markets)
221. LNG - Hormuz - Apocalypse Now - Mar26 (Redefining Energy)
Molecule Contagion with Jeff Currie (The HC Commodities Podcast)
How To Trade Macro In A War (The Macro Trading Floor)
136 - The Middle Corridor Reality Vs. Rhetoric (The Red Line)

This episode is independent commentary and is not affiliated with, sponsored by, or endorsed by the sources listed above.