Oil Market Impacts from Iran

Exchanges

Goldman Sachs

Business

4.3 • 1.1K Ratings

🗓️ 2 March 2026

⏱️ 13 minutes

🔗️ Recording | iTunes | RSS

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Summary

Goldman Sachs Research’s Daan Struyven, co-head of Global Commodities Research and Head of Oil Research, discusses how the strikes in Iran could affect the oil market, commodities, and energy prices. This episode was recorded on March 2nd, 2026. The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities or financial products. This material may contain forward-looking statements. Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs. A transcript is provided for convenience and may differ from the original video or audio content. Goldman Sachs is not responsible for any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs. Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html Goldman Sachs does not endorse any candidate or any political party. © 2026 Goldman Sachs. All rights reserved. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Strikes in Iran have reignited concerns about oil supply, inflation pressure, and cross-asset volatility.
0:11.1	How significant are these disruptions and what are the implications for the global economy?
0:16.5	I'm Alison Nathan and this is Goldman Sachs Exchanges.
0:18.9	Today I'm sitting down with my this is Goldman Sachs Exchanges.
0:26.8	Today I'm sitting down with my colleague in Goldman Sachs Research, Don Stroeven, co-head of Global Commodities Research and the head of oil research.
0:29.6	Don, and welcome back to exchanges.
0:31.0	Thank you, Alison.
0:32.1	Don, before we turn to markets, we just want to acknowledge first the very real human
0:36.4	cost of any escalation in the region.
0:38.6	Our focus here today is strictly on the economic and market implications.
0:43.4	So with that in mind, Don, the last time we had you on this program, we were talking about Venezuela
0:47.7	and the oil market impacts of those developments.
0:50.4	But clearly we have had the U.S. and Israel launch over the weekend a military
0:55.8	campaign against Iran. It has killed Iran's supreme leader, Ayatollah Ali Khamane. So how significant
1:03.2	are these developments most importantly thinking about what is actually happening on the ground
1:09.2	in terms of oil infrastructure and supply?
1:12.9	Yeah, so the developments are definitely significant, especially because flows through the
1:18.3	Strait of Ormuse, which in normal times accounts for about one-fifth of global oil supply,
1:23.4	are down very sharply with only some Chinese ships reportedly going through the straits.
1:28.9	And as a result, I think the rise in oil prices up 8% since Friday, up 25% year-to-date.
1:36.5	I think that increase is appropriate in light of the rise of geopolitical risks to energy supply.
1:42.9	When we think about the actual disruptions we're seeing now, are you actually getting
	...

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