Crystol Energy’s Dr. Carole Nakhle joined Dan Murphy on CNBC to discuss the evolving implications of the Iran war for global oil markets and the wider geopolitical landscape.
The discussion examined Aramco’s strong financial performance and the windfall revenues currently benefiting parts of the oil industry and producing governments, while also highlighting the remarkable operational adaptability demonstrated by some producers through export rerouting and infrastructure flexibility.
A key theme of the interview was the idea of “the morning after” the crisis.
While much attention is currently focused on when traffic through the Strait of Hormuz may resume and markets may “return to normal”, Carole Nakhle argued that crises of this scale rarely leave markets unchanged.
Instead, they often accelerate structural shifts already underway — reshaping trade flows, infrastructure priorities, alliances, and geopolitical calculations.
The discussion also highlighted broader changes emerging within the oil market itself. The UAE is now, for the first time in the country’s history, no longer an OPEC member — a development reflecting wider transformations taking place across the Gulf and the global energy system.
Beyond immediate market disruptions, the interview explored longer-term questions surrounding regional security cooperation, the protection of critical infrastructure, and the possibility that the post-Iran-war environment may redefine geopolitical and energy relations across the Middle East and beyond.
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