In this episode of Current Account, Clay is joined by Richard Fontaine, CEO of the Center for a New American Security, to return to the rapidly evolving conflict in Iran as the fighting enters its third week. What began as a regional confrontation has now produced far‑reaching political and economic consequences, both within Iran and across global markets. Oil remains near $100 per barrel, energy infrastructure in the Gulf has been repeatedly struck, and the killing of another senior Iranian figure has escalated uncertainty around the trajectory of the conflict.

Richard provides insight into how Iran’s battlefield setbacks, leadership losses, and retaliatory strikes on Gulf cities are shaping the country’s strategic posture—and how these dynamics are influencing regional partners who once viewed themselves as insulated from direct conflict. The conversation also explores why European countries have declined to join U.S. efforts near the Strait of Hormuz despite their heavy reliance on energy flows through the corridor, and how President Trump’s assertion that the U.S. “doesn’t need help” from NATO is shaping transatlantic tensions.

Clay and Richard examine the roles of China and Russia, both of which have publicly expressed support for Iran, and discuss what this alignment reveals about the broader geopolitical relationship among the three countries. The episode concludes with a look at possible scenarios going forward, from prolonged fighting to broader regional spillover, what policymakers should watch as the conflict evolves, and the sentiment within the United States of entering into this conflict.

This IIF Podcast was hosted by Clay Lowery, Executive Vice President, Research and Policy, with production and research contributions from Christian Klein, Digital Graphics and Production Associate and Miranda Silverman, Senior Program Assistant.

In this episode of Current Account, Clay is joined by Negar Mortazavi, a Journalist, Political Analyst and Senior Fellow at the Center for International Policy (CIP), for a clear, timely breakdown of the rapidly unfolding conflict in Iran. Less than two weeks after U.S. and Israeli strikes targeted key Iranian government and military sites, retaliatory actions have rippled across the region, impacting energy infrastructure, shipping lanes, and global markets.

Negar explains what has transpired since the initial strikes, including the dramatic succession of Mojtaba Khamenei as Iran’s new leader. She discusses the internal political dynamics in Tehran, the likelihood of domestic unrest, and how the Iranian government is framing this moment both internally and regionally. Clay and Negar also examine Iran’s attempts to broaden the conflict geographically and the strategic calculations behind attacks on neighboring countries.

The conversation closes with a look ahead: what escalation or de‑escalation could realistically look like, what all of this means for energy markets and geopolitical stability, and what next steps may be in store.

This IIF Podcast was hosted by Clay Lowery, Executive Vice President, Research and Policy, with production and research contributions from Christian Klein, Digital Graphics and Production Associate and Miranda Silverman, Senior Program Assistant.

In this episode of Current Account, Clay is joined by Meghan Milloy, the IIF’s Managing Director and Head of Corporate Communications, and Martin Boer, General Manager of the IIF’s Brussels Office and Chief Representative, Europe, to revisit Europe at a moment of mounting complexity - fresh off the IIF’s European Summit in Brussels on March 4-5.

Clay reflects on the policy conversations shaping Europe’s agenda; conversations that were already wide‑ranging before a sudden escalation of conflict in the Middle East reshaped the economic backdrop. With crude prices sharply higher and natural gas prices surging, Europe finds itself confronting an immediate energy shock just as it enters the spring with unusually low inventories and reduced access to energy resources.

To begin to unpack these developments and the priorities emerging across the continent, Meghan shares insights from her conversations with policymakers and industry leaders at the Summit, highlighting what is top of mind for European stakeholders, from immediate concerns about energy security to the broader challenge of sustaining growth. Martin brings a view from the ground on regulatory simplification efforts, noting that while the topic is gaining attention, meaningful progress remains uneven. He also discusses the rapid rise of defense financing as a central policy priority and how governments, banks, and investors are weighing ways to support defense needs without crowding out other long‑standing commitments.

Together, Meghan and Martin reflect on the evolving transatlantic relationship and what recent shifts mean for financial cooperation, especially as Europe and the United States grapple with geopolitical uncertainty, supply chain adjustments, and diverging regulatory pathways.

This IIF Podcast was hosted by Clay Lowery, Executive Vice President, Research and Policy, with production and research contributions from Christian Klein, Digital Graphics and Production Associate and Miranda Silverman, Senior Program Assistant.