Nearly a month in, the conflict in Iran appears to have hit a critical inflection point. Over the weekend, President Trump gave Iran a 48-hour ultimatum to open the Strait of Hormuz or face strikes on its power infrastructure, which Iran credibly warned would trigger reciprocal attacks on GCC energy infrastructure. President Trump then postponed those strikes after what the administration described as productive talks with Iran on ending the conflict—talks that Iran denied are happening.

Meanwhile, a supply shock of historic proportions is unfolding. Some 16% of world oil supply has been disrupted, more than double the volume disrupted during the 1970s oil shock. And a fifth of world LNG supply has been shut in, affecting 50% more volume than the 2022 Russian gas crisis. The world's largest release of strategic oil inventories will buy weeks but not months for most advanced economies.

In this episode of the Iran Conflict Brief, host Daniel Sternoff speaks with Greg Sharenow about how the energy shocks are reshaping the investment landscape.

Greg leads the commodity portfolio management group at asset management firm PIMCO. He co-manages PIMCO's Energy and Tactical Credit Opportunities strategies. Prior to joining PIMCO in 2011, he traded energy at Hess Energy Trading, Goldman Sachs, and D.E. Shaw.

Credits: Hosted by Daniel Sternoff. Produced by Mary Catherine O'Connor, Caroline Pitman, Alice Manos, and Kyu Lee. Engineering by Gregory Vilfranc.