Ezra Klein

I asked him on the show to walk us through what all this might mean for Iran, for America, for global energy prices and security.

And also, I think something not to lose sight of, for America's geopolitical competition with Russia and China.

Both seem like they might come out a lot stronger from this.

As always, my email, Ezra Klein Show at NYTimes.com.

Jason Bordoff, welcome to the show.

Thanks so much for having me.

So last week, you and Spencer Dale wrote, quote, the scale of the current shock is extraordinary.

The supply outage is the largest ever recorded, far exceeding prior disruptions, not only in absolute terms, but even as a share of global demand.

Tell me about that.

I want to hold on that attack on the Qatari issue.

liquefied natural gas plant.

Because I think at the beginning of this fight, when people would think about Iran and Israel and the United States, they would think about Iran maybe firing missiles at Israel.

That would be how they would fight back.

But they have turned this conflict very asymmetric, and they seem to understand the vulnerability of Israel and

as coming through the vulnerability of energy infrastructure and other kinds of infrastructure in other Gulf states.

So what kinds of attacks have they been launching?

And what is both the threat that has already now emerged to energy supplies, but certainly the implied threat that could emerge to energy supplies?

So...

It is not a new question for the United States military to think about what would happen if we ended up in a war with Iran.

And in every war gaming of that question, I am aware of, and there have been many more that I'm not aware of, the closing of the Strait of Hormuz is an immediate possibility.