35: Hormuz Closures, Venezuela’s New Plan, and Oil’s Uncertain Path

The global oil market continues to be volatile. Tensions between Iran and the United States persist, driving economic and geopolitical uncertainty. The Strait of Hormuz’s intermittent closures not only have led to a lower available oil supply but also have reduced its reliability as a route for shipping. Recently, the Trump administration announced a new plan to open Venezuelan oil fields to investment, with one stated goal being to fill America’s depleted strategic petroleum reserves. Meanwhile, the demand for petroleum products, especially heating oil, is expected to rise as the colder months approach for those in the Northern H. In this episode of “The Energy Forum,” Abhi Rajendran and Skip York discuss what these recent developments mean for the global energy market.  Featured: Abhi Rajendran, https://www.bakerinstitute.org/expert/abhi-rajendran  Skip York, Ph.D., https://www.bakerinstitute.org/expert/harold-skip-york   This episode was recorded on Sept. 8, 2026.  You can follow @BakerInstitute and @CES_Baker_Inst on X, Instagram, LinkedIn, and YouTube. Learn more about our data-driven, nonpartisan policy research and analysis at bakerinstitute.org.