Daniel Yergin Sees a 'Different World' Emerging After the Hormuz Crisis

In this episode of Odd Lots, hosts Tracy Alloway and Joe Weisenthal explore the seismic shifts in global energy markets following the closure of the Strait of Hormuz in early 2026, a crisis that has upended decades of energy stability. With guest Daniel Yergin, vice chairman of S&P Global and author of The Prize and The New Map, the conversation centers on how this event—once considered a theoretical nightmare—has become a reality, triggering a global supply chain shock unlike any seen before. Yergin emphasizes that the closure, enabled by Iran’s drone and missile capabilities, has exposed the fragility of global energy infrastructure and forced a reevaluation of energy security, with major implications for geopolitics, defense spending, and the future of energy transitions. The episode also examines how the crisis has accelerated trends like nuclear revival, AI-driven energy demand, and the rebranding of ESG investing under the banner of energy security and infrastructure. The discussion reveals a world fundamentally altered: the U.S. has become a critical energy buffer, LNG exports are surging, and tech giants are increasingly internalizing energy planning. Yet, the long-term consequences—rising costs, inflationary pressures, and a fragmented global order—are already taking shape. Yergin warns that the era of cheap, efficient global supply chains is over, replaced by a new paradigm of resilience, localization, and strategic risk. The episode closes with a playful nod to the cultural impact of the crisis, including a humorous call for a Landman cameo by Daniel Yergin himself, underscoring how deeply energy geopolitics now permeates even entertainment.