President Donald Trump’s latest address to the nation on the war with Iran is already sending ripples through global energy markets, as oil prices climb and uncertainty grows around the Strait of Hormuz. POLITICO’s Ben Lefebvre and James Bikales break down what the administration’s strategy means for energy markets, global supply, and gas prices at home. Plus, senior Trump administration officials declared that all oil and gas activity on federal waters in the Gulf of Mexico is exempt from Endangered Species Act protections, and federal regulators said a natural gas export plant in Texas is free to export liquefied natural gas that’s produced during its commissioning phase.

Ben Lefebvre is the deputy energy editor at POLITICO.

James Bikales is an oil and gas reporter for POLITICO.

Nirmal Mulaikal is the co-host and executive producer of POLITICO Energy.

Matt Daily is the energy editor for POLITICO.

Cyril Zaneski is executive editor of POLITICO’s E&E News.

Debra Kahn is the editorial director for energy and environmental coverage at POLITICO.

Veronica Tejera is the deputy head of Audio/Video at POLITICO.

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The Iran war’s energy impacts are just beginning