Trump’s war on Iran has highlighted recent dramatic changes in the politics of oil. While the United States still guarantees maritime security in the Middle East, it is no longer the primary beneficiary, with most oil and gas exports from the Persian Gulf going to Asia. In Britain, meanwhile, debates over drilling in the North Sea point to the urgent need for electrification, both to achieve greater energy security and to reach net zero by 2050.

In this episode, James is joined by Helen Thompson, a professor of political economy at the University of Cambridge, who argues that the war, though far from inevitable, stems in part from regional and international tensions caused by the shifting of energy flows. They discuss the central role that finance, and insurance in particular, plays in deciding whether tankers can sail, and how energy requirements helped Trump to secure the backing of major US corporations in the 2024 presidential election.

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