US Bombs Iran, Oil Barely Flinches, OPEC Ramps & the Regime Change Gamble | BDE 03.03.26

The Persian Gulf just became a live fire zone and crude is barely flinching. What does that tell you about where oil markets really stand? David Pursell, EVP Planning Reserves and Fundamentals at Apache Corporation, joins Kirk and Mark to break down the US strikes on Iran, why this is nothing like Operation Midnight Hammer, what OPEC is actually capable of producing, how strategic reserves are everyone's insurance policy, and whether the real story here is regime change, not barrels.

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Click here to view the episode transcript.

0:00 US strikes on Iran and initial oil market reaction
2:50 Shipping disruptions and Strait of Hormuz concerns
5:30 Weeks not days and the case for regime change
7:26 Who actually cares and global market impact
11:35 Iranian oil on tankers and strategic reserves
14:54 OPEC production increases and spare capacity questions
18:48 Strait of Hormuz as a chokepoint
21:03 The regime change problem and keeping the lights on
29:19 Sunni-Shia dynamics and what comes next
34:14 Structurally bearish factors and why the market yawns
41:50 US oil demand growth and fundamentals check
44:04 The IEA critique corner

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