For decades, countries in the Middle East have dominated the oil market, pumping large quantities of the world’s supply. Along with that has come a pattern: when there’s conflict in the region, oil prices rise. The pattern seems to be breaking though, mainly because of one thing: US shale. The FT’s Myles McCormick explains how production in the country shifted oil’s epicentre away from the Middle East, and how long that may last.

Clips from Al Jazeera, CBS, CNN

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For further reading:

How US shale keeps sheltering America from the next oil price surge

On markets and geopolitics, it is a mistake to forget about shale

Why oil prices remain steady even as Middle East tensions escalate

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On X, follow Myles McCormick (@mylesmccormick_) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.

Read a transcript of this episode on FT.com

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How shale rewrote the global oil order

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