Fossil Fuels: A ‘Weapon of War’ with Antonia Juhasz

In this episode of Why Is This Happening?, Chris Hayes speaks with investigative journalist Antonia Juhasz about the escalating global oil crisis triggered by a U.S.-led war of choice against Iran. Juhasz argues that fossil fuels have become a weapon of war, with Iran retaliating by disrupting oil and gas flows through the Strait of Hormuz, causing panic buying, hoarding, and skyrocketing prices—despite no actual global supply shortage. She explains how financial markets, driven by algorithmic trading and speculative futures, have amplified volatility beyond physical supply realities. The episode dissects the political and economic motivations behind the conflict, revealing how the Trump administration’s removal of sanctions on Russian and Iranian oil—despite a pre-existing global glut—was a strategic move to depress prices and benefit allies like Putin, while simultaneously enabling U.S. oil companies to expand globally. Juhasz emphasizes that the crisis exposes the fragility of a fossil fuel-dependent world, where price shocks disproportionately harm the Global South, while also highlighting the irony that the very industry profiting from war is also the one most eager to see it end—just to reopen shipping lanes. She concludes that the crisis, while devastating, could accelerate a transition to renewable energy if sustained long enough, though reactionary politics and short-termism remain major obstacles.