Shownotes

The laws of war prohibit targeting civilian infrastructure but today’s energy wars suggest that such strikes have become the norm. Russia and Ukraine are engaged in an escalatory spiral focused on refineries and the power grid. The US and Iran have attacked energy infrastructure in on both sides of the Gulf while blocking tanker shipments.

The definitive wars of this era only make sense with an understanding of energy markets. Combatants appear to factor into their battle tactics President Trump’s sensitivity to rising gas and diesel prices ahead of US midterm elections — an apparent driver of his failed effort to impose an energy truce on Russia and Ukraine, and waive sanctions on Russia.

How have energy markets adapted and eroded as a result of wars in the Middle East and Europe? How should we understand the new political economy of energy?

On this episode of the Order from Ashes podcast, we hear about the changes and dangers to international energy markets from International Crisis Group’s Chris Newton and Michael Wahid Hanna, along with CIP Senior Non Resident Fellow Zachary Davis Cuyler. 

Guests

Chris Newton is Senior Analyst, Early Warning (EEARTH), at International Crisis Group

Michael Wahid Hanna is U.S. program director at International Crisis Group

CIP Senior Non Resident Fellow Zachary Davis Cuyler is a senior non-resident fellow at the Center for International Policy and a historian at the University of Illinois Chicago. 

Hosts

Rohan Advani is a non-resident fellow at the Center for International Policy and a junior research fellow at the Crown Center for Middle East Studies at Brandeis University.

Thanassis Cambanis is vice president for research at the Center for International Policy.

Related reading

Chris Newton and Michael Wahid Hanna, “Five Energy Market Factors That Could Tip the Scales in the Middle East War,” International Crisis Group, October 1, 2026

Zachary Davis Cuyler, “New Pipelines Won’t Solve the Hormuz Crisis,” Century International, April 29, 2026

Date: Wednesday, October 21, 2026

Episode: Order from Ashes 122

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