We are now nearly a month into the U.S.-Israeli war on Iran. The conflict has lasted much longer than some energy experts initially expected — and it has built up an unprecedented crisis that is set to cascade from Asia to the rest of the world.

On this episode of Shift Key, Rob chats in Houston with Karim Fawaz, an oil and refineries expert and a director in the energy and natural resources group at S&P Global Energy.

Rob and Karim discuss whether the world is already locked into an energy crisis — even if Trump ends the war now. They also talk about why jet fuel has been particularly hard hit and how this crisis could reshape the long-term trajectory of the energy industry — and even of climate change itself.

This episode was recorded on the sidelines of CERAWeek by S&P Global, the big annual energy conference in Houston, Texas. Shift Key is hosted by Robinson Meyer, the founding executive editor of Heatmap News.

You can find a full transcript of the episode here.

Mentioned:

Previously on Shift Key: Why the Iran War Is a Warning for Natural Gas

Also on Heatmap: The Energy Supply Shock of the Iran War Changes Everything

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This episode of Shift Key is sponsored by …

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Music for Shift Key is by Adam Kromelow.

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