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Iran and the Oil Landscape

Rising tensions in Iran have sent shockwaves through global oil markets, driving price volatility and raising concerns about supply disruptions and gas prices. As events continue to unfold, our experts are providing timely analysis and insights.

Policy Outlook: Iran, Oil, and the Logic of Modern Military Intervention

Just weeks after the United States choose to intervene militarily in Iran, a University of Chicago Harris School of Public Policy panel including EPIC scholar Ryan Kellogg explored the complex issues shaping what’s ahead for global energy markets.

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Related Research

President Trump’s temporary waiver of the Jones Act—a policy that requires goods shipped between U.S. ports to travel on U.S.-built and operated vessels—is intended to ease fuel price pressures amid the Iran conflict. An EPIC study shows the law itself contributes to higher costs by limiting domestic shipping. Analysis by EPIC scholar Ryan Kellogg finds that lifting these restrictions could deliver $769 million in annual savings for U.S. consumers by increasing fuel shipments from the Gulf Coast and improving market efficiency.

In the News

Podcast episode·Apr 6, 2026

Can someone explain these prices?

via Today, Explained (A Vox Podcast)
EPIC Executive Director Sam Ori explains why gas prices cost so much these days.
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In The News·Apr 2, 2026

FACT FOCUS: False claims Trump made as he addressed the nation about Iran

via Associated Press
Oil is a commodity, “the price of which is set in a global market and a disruption anywhere affects the price everywhere," says EPIC Executive Director Sam Ori.
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In The News·Mar 6, 2026

The false promise of energy independence

via Vox
EPIC Executive Director Sam Ori talks to Vox about global oil markets and US energy security.
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In The News·Apr 9, 2026

‘The message is becoming a monotone’: Oil market tunes out Trump

via Politico Pro
EPIC Executive Director Sam Ori says that the "physical impacts of the [Strait of Hormuz] closure are going to start showing up around the world."
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In The News·Mar 18, 2026

Trump’s Jones Act Waiver: How Oil Prices Could Be Impacted

via Newsweek
Sam Ori discusses the impact of the Jones Act waiver on oil prices with Newsweek.
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In The News·Mar 18, 2026

Here’s what to know about the Jones Act, a century-old shipping law Trump is waiving to shield Americans from surging oil prices

via Business Insider
Business Insider cites EPIC's study on the Jones Act and energy prices.
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In The News·Mar 26, 2026

Experts weigh impact of Iran war on global energy

via The National
Dr. Kaushik Deb, Executive Director of EPIC India at the University of Chicago, discusses the impact of the Iran war on India's energy sector in a video by The National.
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In The News·Mar 25, 2026

The Rundown: How the Iran war is raising Chicago prices

via WBEZ Chicago
The closing of the Strait of Hormuz is the largest oil disruption the oil industry has ever faced, EPIC Executive Director Sam Ori tells WBEZ Chicago.
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In The News·Mar 12, 2026

How will the war on Iran impact the US economy?

via Al Jazeera
EPIC's Sam Ori discusses the impacts of the closure of the Strait of Hormuz on the global oil market and the US economy.
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In The News·Mar 25, 2026

How the Iran war is raising more than Chicago’s gas prices

via Chicago Sun Times
Institute for Climate and Sustainable Growth and EPIC Executive Director says the Iran conflict is the largest disruption the oil industry has ever faced.
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In The News·Mar 23, 2026

Oil price volatility continues as experts assess impact of Iran conflict

via Fox 32 Chicago
Institute for Climate and Sustainable Growth and EPIC Executive Director Sam Ori explains how ongoing tensions could affect global oil supply, gas prices and the broader economy in the weeks ahead.
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In The News·Mar 20, 2026

Will gas prices keep rising? The battle for the Strait of Hormuz

via Fox 32 Chicago
Institute for Climate and Sustainable Growth and EPIC Executive Director Sam Ori explains why the military battle to reopen the Strait of Hormuz is a long-term global crisis.
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In The News·Mar 20, 2026

Gas Prices Soar After Iran Gas Field Attack

via Fox 32 Chicago
EPIC Executive Director Sam Ori speaks on the impact of the Iran war on global oil markets.
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Associated Scholars

EPIC Scholar

Ryan Kellogg

Ralph and Mary Otis Isham Professor and Deputy Dean for Academic Programs, Harris School of Public Policy; Faculty Director, MS in Climate and Energy Policy, Harris School of Public Policy; Executive Committee, Climate Systems Engineering initiative
|EPIC Executive Director Sam Ori

Sam Ori

Executive Director, Institute for Climate and Sustainable Growth & EPIC