Soon after the Trump administration launched its war on Iran, I called up Reed Blakemore, director of research and programs at the Atlantic Council Global Energy Center, to talk about the consequences. While oil and gas prices were already on the rise, there was still more hope then that the impact of the conflict might be short-lived. At the end of our conversation, Blakemore said plainly: “Let’s have a call again [next week] … We’ll have a much clearer picture of what the conflict is going to look like and what the story really is going to be for energy moving forward.”
Technology
How the spiraling Iran conflict could affect data centers and electricity costs
Energy infrastructure has become a key leverage point in the unfolding war
It’s a week later and the conflict has only escalated since the US and Israel launched strikes against Iran, killing Supreme Leader Ayatollah Ali Khamenei. Energy infrastructure has become a key leverage point in the unfolding war, with Israel hitting Iranian fuel depots and Iran targeting Gulf neighbors’ oil and gas infrastructure in its own strikes. Iran’s paramilitary Revolutionary Guard threatened on Tuesday not to “not allow the export of even a single liter of oil from the region to the hostile side and its partners until further notice.” Iran has reportedly also started to lay mines in the strategic Strait of Hormuz, through which one-fifth of global petroleum consumption and liquefied natural gas (LNG) trade used to move.
I talked to Blakemore again today about what Iran’s continued chokehold on the Strait of Hormuz means for energy costs and US tech companies’ rush to build out energy-hungry AI data centers.
This interview has been edited for length and clarity.
What’s your outlook now on how the conflict is likely to affect oil and gasoline prices?
Reed Blakemore: The fundamental issue right now, in terms of the energy implications of the conflict, is how the market is reacting to the uncertainty around safe passage through the Strait of Hormuz.
At the outset of the conflict when we saw insurance premiums going up for these ships, we were largely talking about it in the context of, Hey, it’s just gotten much more expensive for a ship to traverse the Gulf and therefore they’re staying out.
We’ve moved from that to actual concerns around the security of passing through the straits in the first place, so this is no longer an insurance cost issue as much as it is a safety and security issue.
We have virtually no traffic passing through the Strait of Hormuz. A lot of countries are beginning to shut in production. So there’s already this ripple effect emerging purely because the market and basically tankers are fundamentally concerned about whether or not they will be able to safely pass through the strait.
“There’s only so much that US energy dominance can do to shield US consumers”
The other feature that I think we’ve seen the market react strongly to in the past several days is a sense of how long this conflict is going to last. And I think you can look to the comments from the president in the last 72 hours and the market’s reaction as a major piece of evidence to that end. Moving into the weekend where the campaign had clearly escalated, the uncertainty around how open the Strait of Hormuz would or wouldn’t be was beginning to reach a fever pitch. The response from markets when they opened in Asia on Sunday going past $100 a barrel to nearly $120 a barrel is really a function of the market not having a sense that this would be over anytime soon. That pullback that we saw over the course of yesterday was in response to the president saying fundamentally that Hey, we have an end in sight to this conflict.
The United States is a major oil producer. I think the strategy of US energy dominance played a significant role in terms of shielding US consumers from the initial market consequences of the decision to go to war with Iran. The price increases we’ve seen thus far would have been much more responsive to the market volatility. That has bought the administration a little bit of time as it relates to how long until we see the gasoline prices really begin to pick up steam domestically. But as this conflict persists and the volatility in the market continues, we will begin to see upward pressure on gasoline prices, regrettably, over time.
There’s only so much that US energy dominance can do to shield US consumers from what is a globally traded market in terms of oil. Because the United States is a major domestic oil producer, it has the ability to put some downward pressure on its own gasoline prices.
But because via its oil exports it participates in a global market, it has that exposure to global oil market volatility.
Can we expect electricity prices to go up also? Why?
For the United States, the gas story is a little bit better, but not immune from the global market as well. Natural gas is largely regionally traded within the United States. The US is a major producer of natural gas for domestic consumption in a way that further insulates it. That makes the case of the United States much different than the gas price sensitivity we’re seeing in Europe or in Japan or other parts of East Asia.
The problem is similar to the oil story because the United States is a major LNG exporter. As natural gas prices increase elsewhere, LNG exporters will be incentivized to export more gas because that’s where the arbitrage opportunity is, and that will create the upward price pressure domestically in the United States.
What risks does that pose to tech companies and this push to build out more AI data centers and related energy infrastructure?
In the United States, the majority of the data center buildout has begun to be powered by natural gas. We’re not going to see electricity prices reach a crisis point in the United States in the short term because of this conflict. The time horizon that we’re talking about with gas and therefore electricity prices is likely in the time horizon of months rather than weeks you’d expect with oil.
However, the longer this conflict lasts and the more tightness we see in the global gas market — that will eventually permeate the United States and create that upward pressure on gas prices in a way which then affects electricity prices and then that brings the data center question into play.
I think the unique thing is it doesn’t necessarily affect the ability of data centers to purchase energy. Electricity costs are a relatively marginal proportion of the cost of building and operating a data center. What it does do is it only further inflames the energy affordability challenges that are currently deteriorating social license in the country for data centers. So the impact on electricity prices likely won’t directly harm data center buildout. The ancillary affordability challenges it will create will further entrench popular discontent with data center buildout, because data centers are simply making consumer electricity bills much more expensive.
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There isn’t really a solid equivalent to Goodreads or Letterboxd for music lovers, but Record Club is aiming to change that. Yes, we have Rate Your Music, but its interface is crowded, and it feels more geared towards longer-form reviews than cataloging your listening habits and connecting with other fans. Record Club is clean and modern, with a streamlined interface that’s quite similar to Letterboxd.
The basic features you’d expect from such a site are all there. You can rate and review records or mark them as listened to. You can also see what your friends are listening to and see what albums are trending with other users. There’s a spot on your profile to list your five favorite albums, plus five records you have in heavy rotation. You can also create custom lists (ranked or unranked) and share them — handy for tracking your top albums of the year, or putting together genre-specific crash courses. You can also add records to your queue, so you can keep track of albums you want to listen to, but haven’t gotten around to yet. (I’ll probably be making extensive use of that.)
You can follow your favorite artists as well as entire record labels. That makes it easy to stay on top of new artists on labels like 4AD, AD 93, Fire Talk, and Warp. Record Club pulls all of its data from the open-source music encyclopedia MusicBrainz. If you sign up, give me a follow, and see what I’m spinning on repeat this week.
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Credit freezes have been free at Equifax, Experian and TransUnion since 2018. They are built to block one of the most common forms of identity fraud: new credit applications opened in your name. But the latest numbers show why a freeze cannot be your only line of defense.
Javelin Strategy & Research’s 2026 Identity Fraud Study found that traditional identity fraud losses reached $27.3 billion last year, affecting 18 million victims. New account fraud saw the sharpest rise, with victims jumping 31% from 2024 to 2025.
The problem is that not every fraud attempt comes through your existing credit file. The Federal Reserve has flagged synthetic identity fraud as one major gap.
This type of fraud pairs a real Social Security number (SSN) with a fabricated name and date of birth, which can bypass a freeze entirely. A freeze placed on your name does not stop a credit application filed under a name that does not yet exist on any bureau file. That is where the limits of a credit freeze become much clearer.
YOU DON’T NEED AN SSN TO OPEN A CREDIT CARD: SCAMMERS KNOW THAT
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A credit freeze can block many new credit applications, but it cannot protect every part of your financial life. (Nastasic/Getty Images)
What a credit freeze can block
A freeze restricts access to your credit file at all major credit bureaus. Without access to that file, lenders deny the application. Most new credit applications run through that pull, which is why a freeze is the most direct way to block fraudulent ones.
The Federal Trade Commission (FTC) has logged 503,450 reports of credit card fraud in the first three quarters of 2025 alone, the most common identity theft category tracked by the agency. Credit card fraud and loan or lease fraud both run through credit bureau-based applications. Bank account takeover, employment fraud and tax refund fraud do not require a bureau pull, and a freeze does nothing for them. Freezes are placed at each bureau separately and are not shared across the three.
Why credit freeze limits matter with synthetic identity fraud
Synthetic identity fraud builds a person who doesn’t exist. A scammer takes an SSN stolen in a breach, attaches a name that has never been on a credit file, adds a fabricated birthdate and address and submits it as a new credit application. The bureaus, seeing an SSN they recognize and a name they don’t, open a fresh file under the new combination. The file is thin at first. The scammer then works it slowly with small approved cards, a line or two of credit and a few months of clean payments. By the time it looks real enough for a meaningful credit limit, the scammer maxes it and vanishes.
By the end of 2024, U.S. lenders faced more than $3.3 billion in exposure from synthetic identity fraud, the highest level TransUnion has reported. The Federal Reserve’s most recent Risk Officer Report also found that financial institutions are seeing more virtual and synthetic identity account openings, and that detection often happens too late.
In other words, this is exactly the kind of fraud a credit freeze may never catch. The freeze you placed on your own file never touches the application, because it isn’t filed in your name. The bureaus treat it as a separate consumer.
DON’T LET THIS CREDIT CARD FRAUD NIGHTMARE HAPPEN TO YOU
Synthetic identity fraud can pair a real Social Security number with fake personal details to create a new credit file. (Kurt “CyberGuy” Knutsson)
What credit freeze limits leave exposed
Synthetic identity fraud isn’t the only kind of fraud a freeze misses. Any fraud that doesn’t require a bureau pull bypasses it.
- A scammer who already has access to your existing credit card account doesn’t open a new one. They change the email on file and start charging.
- A fraudulent tax return uses your SSN to claim your refund before you file.
- Medical identity theft submits insurance claims under your name.
- A 401(k) takeover can happen entirely through a recordkeeper’s call center, with no bureau pull at any step.
Why a credit freeze isn’t set and forget
A freeze only helps when it’s in place at all three bureaus and stays there. Neither is guaranteed.
You set the freeze at Equifax, Experian and TransUnion separately. A freeze at one isn’t a freeze at the others. Lenders don’t pull from all three on every application, so an unfrozen file is enough for a fraudulent application to clear.
Freezes are also meant to be lifted. The FTC says online requests take effect within a minute, and federal rules require phone requests within an hour. That’s useful when you’re applying for a card. It’s also a window if you forget to put the freeze back on.
A freeze is a point-in-time control and can’t watch your file the rest of the day.
Credit monitoring and identity theft protection services can monitor all three credit bureaus continuously and send alerts within minutes of any new account or inquiry, whether your freeze is in place or lifted. They also scan the dark web and data broker listings for SSNs and other personal data, the raw material behind synthetic identity fraud.
A credit freeze blocks many new account attempts, while identity theft protection can monitor for activity and exposed personal information that a freeze may miss. (Kurt “CyberGuy” Knutsson)
What to do beyond a credit freeze
A credit freeze is still worth having, but it works best when you pair it with protections that watch the places a freeze cannot see.
Turn on alerts for banks, credit cards and retirement accounts
Set up text, email or app alerts for withdrawals, new logins, password changes, address changes and large purchases. These alerts can help you spot account takeovers quickly, especially if a scammer already has access to one of your existing accounts.
Check your credit reports regularly
Review your credit reports for accounts, addresses, employers or inquiries you do not recognize. A credit freeze can help block many new applications, but your reports can still show warning signs that someone is trying to use your personal information.
Use strong passwords, a password manager and two-factor authentication
Create a unique password for every important account, especially email, banking, credit card, health insurance and retirement accounts. A password manager can create and store those passwords for you. Two-factor authentication (2FA) adds another layer of protection, so a stolen password alone may not be enough for a scammer to get in.
Watch for tax and medical identity theft
A credit freeze will not stop someone from filing a tax return or insurance claim in your name. Watch for IRS notices, rejected tax filings, bills for medical care you never received or insurance explanations of benefits that do not match your records.
HOW SCAMMERS BUILD A PROFILE ON YOU USING DATA BROKERS
Limit how much personal information is online
Data broker listings can expose your address, phone number, relatives and other details scammers use to build more convincing attacks. Some identity theft protection services scan data broker listings and dark web sources for exposed personal information, including SSNs and other details criminals can use to build synthetic identities.
How a credit freeze and identity protection work together
After you add account alerts, stronger passwords and regular credit checks, identity protection can add another layer of monitoring. A freeze blocks new credit applications at the bureau level. Identity protection watches what does not pass through those checks.
Many identity theft protection services monitor the major credit bureaus and alert you to new accounts, inquiries or changes to your file. Some also scan dark web marketplaces and data broker listings for exposed personal information, including SSNs and other details criminals can use to build synthetic identities. If fraud appears, some plans include fraud resolution support and identity theft insurance to help with eligible recovery costs.
No service can prevent every form of identity theft. A freeze and identity protection together cover what neither does on its own.
How to check if your personal information was exposed
If you are unsure whether criminals have already exposed your information, take action now. Start with a free identity breach scan to see whether your data appears in known leaks. Early detection gives you more control and helps you respond before fraud spreads. Check whether your personal information is already being used for identity theft, fraud or appearing on the dark web. See my tips and best picks on Best Identity Theft Protection at CyberGuy.com
Kurt’s key takeaways
A credit freeze is one of the smartest moves you can make after a breach or identity theft scare. It can block many new credit applications opened in your name, but it does not protect every part of your financial life.
The biggest gap is synthetic identity fraud. Criminals can use a stolen Social Security number with a fake name or birthdate to build a new credit file that your freeze never touches. Account takeovers, tax refund fraud, medical identity theft and 401(k) scams can also happen without a credit bureau pull.
That is why a freeze should be your first layer, not your only layer. Keep freezes active at Equifax, Experian and TransUnion. Then add alerts, account monitoring, strong passwords, two-factor authentication (2FA) and identity protection that can spot activity outside your frozen credit file.
Have you ever had a credit freeze in place but still worried your identity was exposed? Let us know by writing to us at CyberGuy.com
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Roger Linn is a legend in the world of musical instruments. He’s been at the cutting edge of music technology for decades. He created the LM-1, the first drum machine to use samples, and its successor, the LinnDrum, is one of the most iconic drum machines of all time. They were used on countless records in the 1980s, including hits by Tom Petty, Queen, and Tears for Fears. But the most notable fan was probably Prince, who used them extensively on Purple Rain and 1999.
Somehow, those are not his greatest contributions to the music world. That would, undoubtedly, be the MPC. Linn partnered with Akai to create one of the most popular and important samplers ever. The MPC60 and its successors became the tool of choice for countless hip-hop and house producers. J Dilla’s MPC 3000 even sits in the Smithsonian.
Roger Linn was also an early adopter of MPE, or MIDI polyphonic expression. It’s a key feature of his LinnStrument, an expressive 3D controller released in 2014 — three years before the Association of Musical Electronics Industry (AMEI) officially released the MPE standard. Turns out the man stays so innovative by keeping things simple and focused.
What is your most indispensable tool?
My MacBook Pro.
Which is the most underappreciated?
My Vision Pro. I called it the most amazing product I rarely use.
What is the first app you install on a new phone or computer?
On a computer, Rhino3D.
What is one thing you wish you could change about your phone?
Apple Mail’s bugs.
What sites do you have pinned to your tab bar?
New York Times.
How many tabs do you have open right now?
One. This document.
Which social media platform do you use the most (if any)?
I don’t use social media except to announce my monthly “All Things LinnStrument” email newsletter.
What is your happy place online?
A VR app for the Meta Quest called Walkabout Mini Golf. It was a large number of artistically created open VR worlds that offer a surprising level of beauty from the Quest 3’s limited power. I go there to play a game of mini golf, fly around, or meet friends in a private instance of a particular world.
What is your favorite gadget you’ve ever owned?
I don’t know about “ever”, but these days it’s VR headsets, currently the Meta Quest 3 or Apple Vision Pro.
Which was the most disappointing?
In general, I’m disappointed by products that are designed by engineers who assume their customers are engineers.
What game do you have the fondest memories of?
Myst.
Which tech trend do you wish would go away?
Spam.
What creation are you most proud of?
LinnStrument.
What’s the best piece of advice you’ve ever received?
Keep it simple.
What is your current obsession?
VR.
What do you do when you need to focus?
Breathe. Calm down.
What do you do when you’re feeling stuck?
I try to shift my perspective.
When was the last time you went somewhere without your phone?
I never go anywhere without my phone. Maybe swimming.
What’s the last piece of physical media you bought?
That would be a long time ago. I’ve only bought books, music, films, etc. in digital form for a long time.
What do you think is worth splurging on?
If someone made a VR headset with retina resolution, very high power, lots of beautiful open worlds, but it was expensive, I’d probably buy it.
What would the tagline for your biopic be?
“He created tools that allowed musicians to make better music.”
What’s the last GIF or meme you used?
This isn’t a GIF, but maybe it’s a meme:
( ͡° ͜ʖ ͡°)
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