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Donald Trump is reportedly readying to restart major combat operations against Iran and alongside former war-partner Israel - before the US midterm elections. On today’s episode of Iran: the Latest, Venetia Rainey speaks to Richard Meade, editor-in-chief of Lloyd’s List, about how such an escalation would impact the dangerous and costly shuttle service that has emerged in the Strait of Hormuz to stabilise oil prices. They discuss how growing Iranian attacks on tankers in the key waterway has led to a “violent equilibrium” that is having a global knock-on impact. Is it sustainable? Plus, new figures show more US military aircraft have been damaged or destroyed since the conflict began than previously reported, Yemen’s Houthis down a drone from Saudi Arabia, and UK-Israel crisis talks save Britain's diplomatic presence in Jerusalem. 00:00:00 - Is a Return to Full-Scale War Imminent Before US Midterms? 00:02:24 - Violent Equilibrium: How Oil Shipping Survives Increasing Iranian Attacks 00:05:20 - Extreme Risk Premiums: Tanker Captains Earning $100K per Month 00:06:46 - Inside the Shuttle Service: Nationalizing Shipping Risk in the Gulf 00:10:42 - Global Ripple Effect: Supply Dislocation & Skyrocketing Freight Rates 00:15:39 - Security Over Efficiency: The End of Globalized Free Navigation 00:16:34 - US Aircraft Losses Rise to 81: Drones & Base Attack Damage Breakdown 00:20:21 - Chemical Tanker Struck by Drones Off Qatar Coast 00:24:12 - Geopolitics at Sea: Houthi Threats, Red Sea Diversions & Chinese Flags 00:28:52 - Climate Change & War: The 82% Surge in Northern Arctic Trade Routes Highlights Trump readies new Iran strikes as Strait of Hormuz attacks ramp up How the US’s deadly oil shuttle defies Iranian strikes CONTRIBUTORS: Venetia Rainey, co-host and executive producer @venetiarainey Richard Meade, editor-in-chief Lloyd’s List @Lloydslisted CONTENT REFERENCED: Trump ‘preparing for Iran strikes before midterms’ https://www.telegraph.co.uk/us/news/2026/10/07/trump-preparing-for-iran-strikes-before-midterms/ Tom Sharpe: It’s advantage Trump in the Strait of Hormuz https://www.telegraph.co.uk/news/2026/10/06/strait-hormuz-oil-crude-iran-war-strikes-red-sea-trump/ Britain and Israel back down over Jerusalem consulate closure https://www.telegraph.co.uk/world-news/2026/10/08/israel-british-consulate-jerusalem-miliband-sanctions/ Richard Meade: Markets adapt, but disruption still pays https://www.lloydslist.com/LL1158639/The-Daily-View-Markets-adapt-but-disruption-still-pays Ships’ captains paid $100,000 a month to transit Strait of Hormuz https://www.ft.com/content/0d665e5b-d8c8-4f1e-acf5-bba7193b4e6e U.S. Aircraft Combat Losses in Operation Epic Fury: Considerations for Congress https://www.congress.gov/crs-product/IN12692 Winner Best News and Analysis Podcast - Publisher Podcast Awards 2026 Bronze Best News, Politics and Current Affairs - British Podcast Awards 2026 Nominated Podcast of the Year - Society of Editors News Podcasts Awards 2026 Nominated Podcast of the Year - London Press Club Awards 2026 The Telegraph, Winner Podcast Publisher of the Year 2026 - Publisher Podcast Awards 2026 Producers: Peter Shevlin and Max Bower Researcher and Social Producer: Anna Hindmarsh Studio Operator: Andy Watson Executive Producer: Venetia Rainey ► Sign up to our most popular newsletter, From the Editor. Look forward to receiving free-thinking comment and the day's biggest stories, every morning. telegraph.co.uk/fromtheeditor ► EMAIL US: Contact the team on [email protected] ► GET THE LATEST HEADLINES: Find all our latest Iran coverage here: https://www.telegraph.co.uk/iran-war/ #IranTheLatest #StraitOfHormuz #MiddleEast #Shipping #USIranWar

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