As all eyes remain on Iran, the US and the Strait of Hormuz, the global repercussions of the Iran war are becoming ever more evident. Food is an issue slowly hitting many parts: fertilisers are by-products of fossil fuels, and the blocked Strait will constrain sowing seasons around the world. As regards the fuels themselves, many airlines are cutting flights as jet fuel supply is becoming a real problem.
Asia has been particularly hard hit by the war, with some 20% of its needs imported from the Gulf states. Europe imports far less, but the global shortage of oil and LNG has sent prices skyrocketing, while stocks are rapidly diminishing. At the same time, these economic hits are also pushing states in Asia and the EU to rethink their geostrategic interests in a collapsing world order, seeking to balance an ever more unpredictable – and vindictive – US with China and potentially other new alliances.
Shihoko Goto is the Vice President of Programs and Director of the Asia Program at the Foreign Policy Research Institute (FPRI), and a fascinating expert on all things Asia. Rebecca Christie is a Senior Fellow at Bruegel and an expert with great insights into the economic aspects of the EU. They join ELN Senior Associate Fellow Ilana Bet-El in a gripping conversation that really unpacks the implications of the war in Iran – in Europe, Asia, and across the globe.
This episode was recorded on 22 April 2026
Chapters
- Impact of the war on Asia’s economies
- What are the geostrategic shifts in Asia and Europe?
- The role of the US in global energy dynamics
- Asia-Europe cooperation in an instable world
- China’s long game in global politics
Mentions
- The Sound of Economics – Rebecca’s podcast
- ZhōngHuá Mundus – Bruegel’s podcast on China economy
- Iran Energy and Indo-Pacific Realignment – FPRI
- The Forces of Scarcity Hitting Asia May Soon Spread Across the World – The NewYork Times
Follow
- Shihoko Goto LinkedIn & Foreign Policy Research Institute webpage
- Rebecca Christie LinkedIn, X/Twitter, Bluesky, Bruegel page
- Ilana Bet-El
- Instagram @women_leaders_podcast
- Listen this episode on our YouTube channel
Credits
- Production: Florence Ferrando
- Music: Let Good Times Roll, RA from #Uppbeat (free for Creators!): https://uppbeat.io/t/ra/let-good-times-rollLicense code: ZXIIIJUU2ISPZIJT
The European Leadership Network itself as an institution holds no formal policy positions. The opinions articulated above represent the views of the authors rather than the European Leadership Network or its members. The ELN aims to encourage debates that will help develop Europe’s capacity to address the pressing foreign, defence, and security policy challenges of our time, to further its charitable purposes.
Image credit: Florence Ferrando
