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Columbia Business School’s Gernot Wagner spoke with Marketplace about how the Iran conflict is affecting the U.S. oil market and raising concerns about potential energy price shocks. Wagner explained that while today’s market differs from the 1970s, oil remains a volatile global commodity subject to geopolitical disruptions that can quickly drive up prices and fuel inflation. His insights highlight how continued reliance on fossil fuels exposes economies to recurring shocks, reinforcing the importance of accelerating the transition to more stable, clean energy sources.
