# Ep. 353: Rory Johnston on the Hormuz Ceasefire, Oil Supply Losses, and Navigating Energy Security

Page: https://stenobird.com/podcast/macro-hive-conversations-with-bilal-hafeez-524900/ep-353-rory-johnston-on-the-hormuz-ceasefire-oil-supply-losses-and-navigating-energy-security
Text version: https://stenobird.com/podcast/macro-hive-conversations-with-bilal-hafeez-524900/ep-353-rory-johnston-on-the-hormuz-ceasefire-oil-supply-losses-and-navigating-energy-security.md
Podcast: [Macro Hive Conversations With Bilal Hafeez](https://stenobird.com/podcast/macro-hive-conversations-with-bilal-hafeez-524900)
Published: 2026-04-10T08:07:00+00:00
Episode link: https://macrohive.libsyn.com/ep-353-rory-johnston-on-the-hormuz-ceasefire-oil-supply-losses-and-navigating-energy-security
Audio file: https://traffic.libsyn.com/secure/macrohive/MH_w_JOHNSTON2.mp3?dest-id=1929056
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JSON: https://stenobird.com/v1/public/podcasts/macro-hive-conversations-with-bilal-hafeez-524900/episodes/ep-353-rory-johnston-on-the-hormuz-ceasefire-oil-supply-losses-and-navigating-energy-security
Duration seconds: 2972

## Resource

Rory Johnston is a Toronto-based oil market researcher, the founder of Commodity Context, a lecturer at the University of Toronto's Munk School of Global Affairs and Public Policy, as well as a Fellow with both the Canadian Global Affairs Institute and the Payne Institute for Public Policy at the Colorado School of Mines. Prior to founding Commodity Context, Rory led commodity economics research at Scotiabank. In this podcast, we discuss: The Billion-Barrel Supply Gap Physical Insurance and Pipelines The "Toll Booth" Strait Sanctions as a Safety Valve Wealth vs. Shortages China's Strategic Resilience The "Unilateral Taco" Scenario Long-Term Energy Optionality

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## Transcript

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