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Iran: Will oil decide the outcome? | The Global Story
Oil prices surged to a four-year high on Monday, before dipping after President Trump said the Iran war will end “very soon”. Just days ago, Trump said that he would not stop the war until Iran’s “unconditional surrender”. But how long will the Iran war last? And could oil be the deciding factor?
Turmoil in the region had led to the near complete shutdown of shipping traffic through the Strait of Hormuz, and Iran has reportedly said it will not allow “one litre of oil” to be exported from the Gulf if US-Israeli attacks continue. This has lead to rises in global oil and gas prices. How much impact is this going to have on the cost of living?
We speak to BBC economics correspondent Andy Verity about the lessons both the US and Iran might be learning from the oil crises of the 1970s, and ask whether oil could determine how and when the war ends.
New episodes of The Global Story are released daily. If you’re in the UK, listen on BBC Sounds. If you live outside the UK, listen on BBC.com or wherever you get your podcasts.
LINK: https://app.magellan.ai/listen_links/the-global-story-ytl
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Chapters:
00:00 Is the price of oil what will decide the outcome of the Iran war?
01:32 How could the war affect oil and gas prices?
04.05 How could the war affect the the cost of living?
05:34 Is oil one of the main reasons for the war?
06:39 What is the significance of Kharg Island?
09:52 What happened during the 1970s oil crisis?
13:10 Is Iran using oil as a tactic in the war?
16:04 Is there less likely to be another oil crisis?
18:00 How can the markets be calmed?
21:27 Is the US insulated against oil price shocks?
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Kenya’s Gen Z are moving from anti-government protests and digital campaigns to the ballot box.
They have the numbers to make a difference – 75% of Kenya’s population is under the age of 35.
But can they really convert protest into political power?
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A Scottish Sikh activist has been released from prison in India after being detained for almost nine years without being convicted.
Jagtar Singh Johal thanked “the almighty” as he walked free from gate three of the Tihar Prison complex in Delhi.
The 39-year-old from Dumbarton was arrested in 2017 over allegations he had a role in a series of targeted killings of religious and political figures – which he denies.
Johal was granted bail at Delhi High Court on 18 September, but has only now been released from detention.
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Spain’s coalition government has approved new housing measures following protests over the country’s housing crisis, sparked by the eviction of an 87-year-old woman from her home in Madrid last week.
Ministers met on Tuesday to discuss the proposals, which include a potential ban on evictions until 2030, Health Minister Mónica García said.
She said the measures would bring relief to more than five million people – but opposition politician Míriam Nogueras said the agreement left “small landlords out in the cold”.
The new housing measures need to be approved in parliament, where the leftist coalition government lacks a majority.
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For the latest news download the BBC News app or visit BBC.com/news
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How did the passengers of Flydubai’s flight FZ1073 prevent a catastrophe after a cockpit attack? And what does this incident …
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The Iranian embassy in London says it ‘categorically rejects’ speculation linking the country to the arrests of five men near RAF …
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