Podcast Examines Iran War's Global Impacts and Geopolitical Shifts

The Foreign Affairs podcast episode, published on April 16, 2026, features discussions on the ongoing war in Iran and its broader implications. Guests include Matias Spektor, a professor of Politics and International Relations at Fundação Getulio Vargas in São Paulo, and Kishore Mahbubani, a distinguished fellow at the Asia Research Institute at the National University of Singapore.

The episode addresses the war's economic and geopolitical effects, including the closure of the Strait of Hormuz. The continued closure of the Strait of Hormuz has led to a global energy crisis, with potential for further issues from a U.S. naval blockade.

Countries such as Chile, South Korea, and Zambia have implemented measures to address shortages and rising prices. The podcast notes that the U.S. decision to attack Iran contributes to perceptions of declining American influence.

America, the war's effects are mainly economic, transmitted through rising energy prices, inflation, and financial volatility. Governments face choices between subsidizing costs, risking fiscal instability, or passing costs to publics, potentially leading to backlash.

Oil exporters like Brazil and Colombia experience short-term fiscal gains, while energy importers face greater challenges. Politically, Latin American countries show a divide, with some, including Central American nations and Argentina under President Javier Milei, aligning with the United States and the Trump administration.

Others are more critical of U.S. actions. The podcast highlights interpretations of the war as evidence of shifts in global power, with the U.S. seen as engaging in new behaviors.

The podcast draws parallels to the U.S. intervention in Venezuela, where top leaders were removed and a deal was struck with remnants of the regime. This intervention occurred a few months prior to the podcast. Latin American governments were surprised by its swiftness but not the act itself, given Venezuela's long defiance of U.S. authority and its weakened state.

Venezuela had been isolated, with reduced support from countries like Mexico, Argentina, Colombia, and Brazil, and even China had withdrawn involvement. The regime's weakness contrasted with Iran's position. Following the removal of Venezuelan President Nicolás Maduro, the regime adapted quickly to the changes.

express views that the war is misguided in motivations and execution, with potential damage to the United States. They suggest it accelerates a process of receding American power. Mahbubani emphasizes hedging bets in geopolitics by maintaining ties with multiple great powers, citing Southeast Asia as an example.

“You must always, in geopolitics, hedge your bets and keep up the good ties with as many great powers as possible. That’s the lesson of Southeast Asia," says Kishore Mahbubani. The episode references essays by the guests in Foreign Affairs, focusing on changes in geopolitics visible outside Western capitals. These include topics like the limits of hardball diplomacy and the rise of nonaligned strategies.”