US military action against Iran has thrown energy markets into turmoil, with prices climbing sharply amid escalating regional tensions. Jamie Smyth, US energy editor at the Financial Times, joined Katie Martin and Rob Armstrong to analyze Tehran's retaliatory strikes on US allies including Kuwait, Saudi Arabia, and the United Arab Emirates. The attacks have created significant uncertainty in global oil markets.

The panel discussed the broader implications for energy security and market volatility. They also explored investment strategies, recommending short positions in private assets while taking long positions in Greggs, the UK pastry chain. This contrarian approach reflects the complex market dynamics emerging from the geopolitical crisis.

Energy markets are particularly sensitive to Middle East instability, given the region's role in global oil supply. The attacks on key US allies have heightened concerns about potential disruptions to oil production and shipping routes. Investors are closely monitoring developments as the situation continues to evolve.