War in Iran Is Redrawing the Map for Natural Gas
Odd Lots
Bloomberg
4.5 • 2K Ratings
🗓️ 18 March 2026
⏱️ 47 minutes
🧾️ Download transcript
Summary
Mostly, the world has been watching the price of oil skyrocket amid the war in Iran and the de facto closure of the Strait of Hormuz. But there's more than just oil that comes out of the region. Qatar is home to the world's largest natural gas field, and for now, it's been almost completely cut off from the rest of the world. Not only has Gulf gas supply been cut off, there's also damage to the core infrastructure, which will take time to repair. Meanwhile, the US is rapidly becoming a natural gas export powerhouse, with volumes having surged since Russia's invasion of Ukraine. So, all in all, the world's natural gas map is rapidly being redrawn. On this episode, we turn to the one and only Bob Brackett, managing director and senior research analyst at Bernstein & Co. He explains the impact of the war on global prices, the prospect for further US exports, how the world will adjust to the loss of Gulf supply, as well as the other commodities that are getting squeezed right now.
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| 1:02.4 | Bloomberg Audio Studios, Podcasts, Radio News. Hello and welcome to another episode of the Odd Lots podcast. I'm Joe Wisenthal. |
| 1:22.9 | And I'm Tracy Allaway. So Tracy, you know, the war in Iran is primarily, at least from a commodity standpoint, being understood as like an oil shock. That's the number that most people are paying attention to. That is the headline, sure. But as we know, for multiple episodes we've already done, it's not just an oil region. And of course, we've been talking about fertilizer in one of our episodes. We did the episode on other sort of dry-balt commodity shipping that's affected by the closure |
| 1:47.0 | or the almost closure of the street of Hormuz. |
| 1:50.6 | There's plenty there. |
| 1:51.6 | It's not just an oil story. |
| 1:53.0 | Yeah. |
| 1:53.3 | The one silver lining of all of this, I guess, is that we're all becoming commodities, |
| 1:58.5 | supply chain commodities experts and petrochemicals as well. I should |
| 2:02.6 | just say we're recording this on March 17th because who knows what's going to happen by the time |
| 2:07.2 | this episode comes out. But one of the big headlines today is that Iran has just struck one of |
| 2:12.5 | the big gas fields in the UAE, which is the Shaw field in the sort of empty corridor area, and it's on fire. |
| 2:21.3 | So pretty dramatic footage, which definitely does tend to concentrate your mind on one particular |
... |
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