Trump, Iran and the $150,000 Strait of Hormuz toll

Trump, Iran and the $150,000 Strait of Hormuz toll

Author: The Telegraph May 21, 2026 Duration: 30:19

Oil flows will not return to normal until the second half of next year - even if the Strait of Hormuz opens now.


That’s the grim prognosis of the UAE’s most senior oil executive. But even if it does open, Iran is implementing a system of tolls that will have long-term implications, both in the Middle East and further afield. International economic editor Hans van Leeuwen tells Roland Oliphant how the ongoing crisis in the Strait of Hormuz is transforming shipping all over the world. 


Hans also looks at why India’s leader Narendra Modi is in Europe at the moment trying to drum up deals amid fears the Iran war could impact his country’s superpower trajectory. 


Meanwhile, Donald Trump and Benjamin Netanyahu clash over whether to restart active hostilities, Pakistan’s army chief heads to Tehran to coax the regime towards a peace deal, and Iran says it will not give up its Uranium. 


Highlights

  • How Iran’s Strait of Hormuz toll could spread worldwide
  • Why the Iran war is throwing India off its superpower trajectory


CONTRIBUTORS:


Roland Oliphant, co-host and chief foreign affairs analyst @RolandOliphant

Hans van Leeuwen, international economics editor @hansvan333 


CONTENT REFERENCED:


How Trump trampled on Modi’s dream of an Indian superpower

https://www.telegraph.co.uk/business/2026/05/20/how-trump-trampled-on-modis-dream-of-an-indian-superpower/


Iran weaponised world trade and others are following suit

https://www.telegraph.co.uk/business/2026/05/19/iran-weaponised-world-trade-and-others-are-following-suit/


Producer: Peter Shevlin

Executive Producers: Venetia Rainey & Louisa Wells


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For those trying to understand the complex and rapidly shifting landscape of the Middle East, Iran: The Latest offers essential context. This Telegraph podcast moves beyond the headlines to examine the military, diplomatic, and strategic forces shaping the ongoing tensions between Iran, the United States, and Israel. Hosted by veteran foreign correspondents Roland Oliphant and Venetia Rainey, each episode synthesizes frontline reporting from the paper's award-winning journalists with insightful conversations. You'll hear from specialists in areas like regional security architecture, covert operations, and geopolitical theory, providing a clearer picture of the stakes involved. The analysis considers historical grievances, economic pressures, and potential flashpoints, from proxy conflicts to direct confrontations. It’s a resource for anyone who wants to grasp not just what is happening, but why it matters and what might come next. By drawing on deep sourcing and expert commentary, this podcast delivers a nuanced perspective that is both timely and thoroughly researched, making sense of a critical and often misunderstood arena of global affairs.
Author: Language: English Episodes: 50

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