Since the U.S. and Israel first struck Iran on Saturday, energy prices have been on the rise. Oil prices are up around 13 per cent, and LNG – liquefied natural gas – is up around 75 per cent. 20 per cent of the world’s oil and LNG pass through the narrow Strait of Hormuz, a passageway between the Persian Gulf and the Arabian Sea that is effectively being blocked by Iran’s Revolutionary Guards.

Eric Reguly is The Globe and Mail’s European Bureau Chief. He joins the show to talk about the role energy plays in the war in Iran, and how the reverberations are being felt far beyond the Middle East.

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