The Middle East conflict is now in its fifth month, deepening the oil and gas supply shock. Early in the war, analysts worried that the oil price would rise to $200 a barrel, causing a global recession and widespread panic, but that didn’t happen. This week on Zero, Akshat Rathi is joined by Bloomberg Opinion columnist Javier Blas to discuss why oil prices stayed around $100 per barrel and why the war is the start of a new paradigm in energy politics.

Explore further:
Javier Blas’ columns
The Global Oil Cushion Isn’t Really Hitting ‘Tank Bottoms’ 
Another Critical Oil Waterway Is About to Close

Zero is a production of Bloomberg Green. Our producer is Oscar Boyd. Special thanks to Summer Maxwell, Sommer Saadi, Alyssa McDonald and Laura Millan. Thoughts or suggestions? Email us at zeropod@bloomberg.net. For more coverage of climate change and solutions, visit https://www.bloomberg.com/green.

The Middle East conflict is now in its fifth month, deepening the oil and gas supply shock. Early in the war, analysts worried that the oil price would rise to $200 a barrel, causing a global recession and widespread panic, but that didn&rsquo;t happen. This week on Zero, Akshat Rathi is joined by Bloomberg Opinion columnist Javier Blas to discuss why oil prices stayed around $100 per barrel and why the war is the start of a new paradigm in energy politics.
Explore further:
<ul>
<li aria-level="1">Javier Blas&rsquo; <a href="https://www.bloomberg.com/opinion/authors/ASIsQsgx0V8/javier-blas">columns</a></li>
<li aria-level="1"><a href="https://www.bloomberg.com/opinion/articles/2026-08-03/global-oil-reserves-aren-t-really-hitting-tank-bottoms?srnd=undefined">The Global Oil Cushion Isn&rsquo;t Really Hitting &lsquo;Tank Bottoms&rsquo;</a>&nbsp;</li>
<li aria-level="1"><a href="https://www.bloomberg.com/opinion/articles/2026-07-29/the-rhine-is-the-latest-critical-oil-waterway-in-danger-of-closing?srnd=undefined">Another Critical Oil Waterway Is About to Close</a></li>
</ul>
Zero is a production of Bloomberg Green. Our producer is Oscar Boyd. Special thanks to Summer Maxwell, Sommer Saadi, Alyssa McDonald and Laura Millan. Thoughts or suggestions? Email us at zeropod@bloomberg.net. For more coverage of climate change and solutions, visit <a href="https://www.bloomberg.com/green">https://www.bloomberg.com/green</a>.

Zero is about the tactics and technologies taking us to a world of zero emissions. Each week Bloomberg’s award-winning reporter Akshat Rathi talks to the people tackling climate change – a venture capitalist hunting for the best cleantech investment, scientists starting companies, politicians who have successfully created climate laws, and CEOs who have completely transformed their businesses. The road to zero emissions has many paths and everyone’s got an opinion about the best route. Listen in.

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The Iran war revealed that China has a new energy weapon

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