The escalating U.S.–Iran war is rewriting the CEO playbook again

Good morning. If you thought geopolitical risk was fading from your strategic planning picture, think again. The U.S.–Iran war escalated over the weekend, and crude prices are already reacting. Here’s what leaders need to be watching. Energy prices are likely to surge again. Global oil demand is down, mainly because of China and other Asian countries. But U.S. consumption is up, despite pump prices that are about 50% higher than before the Iran war. Some shipping routes remain open in the Strait of Hormuz but few ships are likely to use them right now. With nearly 1 billion barrels of global petroleum reserves now depleted and Trump’s declaration that the peace deal is over, energy analysts tell my colleague Jordan Blum that prices are likely to settle closer to $90 per barrel and possibly