The world has lived through oil shocks before - from the Suez Crisis of the 1950s to the Arab oil embargo of the 1970s - but today's turmoil raises new questions about how vulnerable global energy markets really are. What would it mean if Iran keeps the Strait of Hormuz closed, and how does this moment compare to past crises that reshaped the global economy? For Canada - the world's fourth-largest producer of crude oil and fifth-largest producer of natural gas - the stakes are especially high. When energy markets are shaken, Canada isn't just affected; it's implicated. So what political and economic choices should be on the table right now, and could the fallout push us toward a recession? To unpack the risks and the realities, we're joined by Bob Yawger, commodity specialist at Mizuho Americas, oil-market researcher Rory Johnston, founder of the Commodity Context newsletter, and Heather Exner-Pirot, director of energy, natural resources and environment at the Macdonald-Laurier Institute.

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