In this episode of Beyond the Indus, host Tushar Shetty sits down with Adi Imsirovic, a veteran oil trader with over 35 years of experience in global energy markets and former Global Head of Oil at Gazprom Marketing and Trading, to assess the impact of the Iran Conflict’s impact on global oil and gas markets.

Drawing on decades of front-line trading experience, Imsirovic explains why the current disruption to the Strait of Hormuz represents the gravest energy shock of his career, surpassing even the Gulf Wars of the 1980s. We discuss the mechanics of P&I insurance, why futures markets are fundamentally misreading the crisis, and how Iran and Russia have long used shadow fleets to circumvent Western sanctions.

Imsirovic also examines Russia’s unexpected financial windfall, South Asia’s energy vulnerability, and the erosion of dollar dominance in global energy trade.

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Click here for a transcript.