Oil Ground Up

Jeff Currie joins Rory Johnston on the Oil Ground Up Podcast for a wide-ranging conversation on commodity price discovery, the changing structure of energy markets, and why today's geopolitical environment is unlike anything investors have faced in decades. Together they examine the aftermath of the Strait of Hormuz crisis, the disconnect between crude oil and refined product markets, and why volatility—not price direction—has become the defining feature of modern commodity investing. Jeff also shares his long-term outlook on deglobalization, energy security, electrification, and the structural forces he believes will continue to reshape global commodity markets for years to come. It's an insightful discussion that blends macroeconomics, market structure, and real-world trading experience to explain what comes next for oil and commodities.

Gregory Brew returns to the Oil Ground Up Podcast to examine the evolving geopolitical landscape in the Middle East following the U.S.-Iran ceasefire and what it means for global energy markets. Gregory and Rory Johnston discuss the fragile status of the Strait of Hormuz, Iran's shifting negotiating strategy, the future of U.S. involvement in the Persian Gulf, and why shipping flows remain well below pre-war levels despite the end of active hostilities. The conversation also explores the internal dynamics of Iran's new leadership, the role of Israel in shaping the next phase of regional tensions, and why the current period may represent a long-term transition rather than a return to the old status quo. Finally, they consider what this new geopolitical reality means for oil prices, global supply chains, and the growing risk premium facing energy markets over the coming years.

Rory Johnston welcomes maritime historian and shipping expert Dr. Sal Mercogliano to Oil Ground Up for a deep dive into the evolving Strait of Hormuz crisis and what it means for global oil markets. Together, they examine why commercial shipping ground to a halt, how tanker operators are weighing risk versus reward, and why reopening one of the world's most important energy chokepoints is far more complicated than simply declaring it open. The conversation also explores Iran's newly established Persian Gulf Strait Authority, the challenges of clearing sea mines, crew shortages, and the logistical hurdles that could keep oil flows below pre-conflict levels for months. Sal explains why shipping—not just oil prices—holds the key to understanding the next phase of this geopolitical crisis, and why supply chains may never return to the way they were before the conflict began.

Rory Johnston welcomes legendary energy analyst Bob McNally to Oil Ground Up for a sweeping conversation on the Strait of Hormuz crisis, global oil supply disruptions, and the fragile state of today’s energy markets. Bob reflects on decades of experience spanning the White House, hedge funds, and energy consulting while explaining why the closure of Hormuz represents a historic shift in how the world must think about oil security and geopolitical risk. The discussion dives deep into Iran’s leverage over global energy flows, the growing disconnect between physical oil fundamentals and financial markets, and why many traders may still be underestimating the long-term consequences of this disruption. Rory and Bob also explore what reopening Hormuz could realistically look like, why inventories and shipping flows remain critical, and how this crisis may permanently reshape investment in global hydrocarbons. From oil demand destruction and rising geopolitical premiums to the future of North American energy dominance, this episode offers one of the most comprehensive macro discussions yet on the evolving global energy landscape.

Edward Fishman joins Rory for a sweeping conversation on the evolution of modern economic warfare, the origins of U.S. sanctions strategy against Iran, and how today’s Strait of Hormuz crisis is reshaping global energy markets in real time. Drawing from his book Choke Points, Fishman explains how sanctions, secondary sanctions, and financial pressure campaigns evolved from quiet Treasury Department diplomacy into one of America’s most powerful geopolitical tools. The discussion also explores why oil prices have remained surprisingly subdued despite major supply disruptions, including the role of Trump’s public interventions, market psychology, and the growing belief that geopolitical risk no longer guarantees an oil price spike. Rory and Eddie debate whether Iran has permanently changed the balance of power in the Persian Gulf by effectively institutionalizing control over the Strait of Hormuz and what that means for global trade, shipping, and future sanctions policy. The conversation revisits the Obama-era sanctions campaign, the collapse of the JCPOA, the rise of shadow fleets and sanctions evasion, and how both China and Iran have adapted to years of American economic pressure. From nuclear negotiations and frozen Iranian assets to tanker tolls, oil inventories, and the limits of American power, this episode connects decades of economic statecraft to the rapidly changing geopolitical landscape investors face today.