The world could face one of the most severe shocks to energy markets since the 1970s as we enter week two of the war in the Middle East.

The strait of Hormuz, the artery for 20 per cent of the world’s oil and gas, has been effectively shut down. Qatar, which makes up one fifth of the world’s liquefied natural gas exports, has stopped production of LNG after Iran struck two of its sites. In the aftermath natural gas prices spiked in Asia and Europe.

Jim Krane, a fellow in Middle East Energy Studies at Rice University’s Baker Institute for Public Policy, is here to talk through the high stakes. Jim also reported for the Associated Press in the Middle East for years.

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