On June 12th, Israel carried out overnight airstrikes targeting Iranian nuclear facilities, military infrastructure, military leaders, and nuclear scientists. While the full scope and implications of the attack are still emerging, energy markets responded immediately. Oil prices spiked in the aftermath, although they subsequently eased. 

What are the regional implications of this conflict? How might Iran retaliate and how might the US respond? How will this impact ongoing negotiations between the US and Iran over Iran’s nuclear program? And what are the possible impacts on energy markets?

For this special episode, we pulled in two leading experts from the Center on Global Energy Policy to discuss what we know so far about Israel’s attack on Iran and what could happen in the coming days and weeks.

Richard Nephew is a senior research scholar at the Center on Global Energy Policy. He formerly served as the US Deputy Special Envoy for Iran under the Biden administration where he played a key role in negotiations over the Iran nuclear deal.

Karen Young is a senior research scholar at the Center on Global Energy Policy and a senior fellow at the Middle East Institute, where she focuses on the political economy of the Gulf states and energy policy.

Karen and Richard joined host Jason Bordoff to unpack the escalating conflict in the region. They discussed the current state of Iran’s nuclear program, the potential consequences of the unfolding crisis, and what key developments to watch for.

Credits: Hosted by Jason Bordoff and Bill Loveless. Produced by Mary Catherine O’Connor, Caroline Pitman, and Kyu Lee. Gregory Vilfranc of Franc Village Studios engineered today’s show.