Bonus: A US shale pioneer on the Middle East war

This special edition of the FT News Briefing examines the global energy crisis triggered by the ongoing Iran war, which has paralyzed shipping in the Strait of Hormuz—a critical chokepoint carrying about a fifth of the world's oil and liquefied natural gas. The conflict, initiated by the U.S. under President Trump, led to missile attacks on tankers and a U.S.-led blockade, effectively halting all energy exports through the strait. As a result, global oil and gas prices have surged, with shortages already emerging in Asia and fears of spillover to Europe and the U.S. The episode features insights from Jamie Smith, the FT’s U.S. Energy Editor, who interviews Scott and Brian Sheffield—pioneers of the U.S. shale revolution. Scott, who lived in Iran as a teenager and has deep cultural ties to the country, supports regime change but stresses the need to reopen the strait to prevent economic collapse. Both father and son express concern over the U.S. oil industry’s declining domestic inventory and argue that American energy independence is under threat, urging a shift toward overseas exploration in places like Venezuela, Argentina, and Australia. They also acknowledge that the war may accelerate the global energy transition, pushing governments to prioritize energy security through renewables and nuclear power, even as fossil fuels remain central in the near term.