Katie Martin

The war in Iran is still going on.

The Strait of Hormuz is still mostly blocked and oil is still trading above $100 a barrel.

This has now been going on for nearly three months.

Nearly 80 countries have introduced some kind of emergency measures to protect their economies from higher energy prices.

But the world is mostly merrily getting through its oil reserves.

Today on the show, are we getting close to a tipping point?

Do reserves hit a low point and send oil prices screaming higher?

This is Unhedged, the markets and finance podcast from the Financial Times and Pushkin.

I'm Katie Martin, a markets columnist at FT Towers in London, where we have a long weekend ahead.

And yes, people, the forecast is sunshine.

Sun's out, guns out.

The big man, Rob Armstrong, is on his hole somewhere.

But joining me in the studio in the depths of FT Towers, we have another big man, Malcolm Moore, the FT's energy editor.

Regular listeners will recall that he knows which way is up on the energy beat.

Malcolm, thank you for coming back on the show.

We didn't put you off too much last time.

Have you had any days off since we last did this at the start of April?

Yeah, it's tough out there when the energy beat, right?

So, look, you've been writing about this recently, this concept of a tipping point, because oil and gas reserves exist for a reason, right?

It's for this sort of eventuality, right, where you can't get hold of the stuff and so you have some squirreled away, you know, down the back of the sofa kind of thing.