Iran war: Oil prices soar
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What economic impact does the US-Israel war with Iran have on oil prices?
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Who is Iran's new supreme leader and what does his rise mean for the country?
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What is the significance of the trial of Turkish opposition leader Ekrem İmamoğlu?
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How is South Sudan coping with instability and fears of civil war?
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What role is Ukraine playing in the Middle East amidst the conflict?
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What concerns surround the Iranian women's football team's return home?
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What recent discovery sheds light on ancient Egyptian correction fluid?
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How are rising oil prices affecting global economies and inflation?
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This is the Global News Podcast from the BBC World Service. President Trump says it's a very small price to pay for what he calls world peace. But how long will this continue? The new supreme leader of Iran is the son of the last one, leading some Iranians to despair about the future.
This means that nothing is going to change. It's the same path, perhaps even worse. Anyhow, I don't think the situation can continue. I don't think that it will last.
Also in this podcast, what will happen to the Iranian women's football team after they refuse to sing their national anthem? They're in Australia now, but will they return home? If they did seek asylum and we do not know whether they do want to, what would that mean for their families back home? We start with the economic fallout of the US and Israeli war against Iran. Its impact is spreading across the globe. Oil prices have shot up by 20% today to more than $100 a barrel and stock markets have fallen. Donald Trump has said it's a very small price to pay for what he calls world peace. G7 finance ministers have been discussing the release of emergency oil reserves but say no decision has been taken.
The Strait of Hormuz, through which around a fifth of the world's oil supply is usually shipped, has all been but closed to traffic for a week now. The BBC's Anna Foster is in Doha. There are beautiful wooden dhows all around this jetty here. They normally take people around this harbour on tourist trips. But because of the war, that's all been cancelled. But then even further out, those are the ships that are really drawing attention at the moment. Because they can't get through the Strait of Hormuz, which is just away to my right... where the gulf really narrows and when you look i've been taking a look at one of these apps that shows you what shipping traffic is out there and i've been looking at the oil tankers in particular so if i click on this one this is a panamanian crude oil tanker the aqua one
At anchor, this is the well sail. You can see there's a real cluster. They're stuck on the inside so they can't get out and take their cargo around the world. And similarly on the other side of the Strait of Hormuz, again, when you look on screen at all these little turquoise and red and green things, arrows that mark different ships. You can see again a cluster that need to get here to refill and they're stuck on the other side as well. And that is why when we talk about the global economic impact, you see it right here. You see it on this tiny screen on my phone. Everything has ground to a halt. Some oil depots in Iran have also been destroyed over the weekend. Our international business correspondent Theo Leggett told me more.
Since the conflict in the Middle East began, global oil prices have increased by about $30 a barrel. So they're around $72 a barrel. In late February, they're now hovering above $100. We did see a spike of $119 or thereabouts overnight, but things have tailed off a little bit. Now, that's a very significant increase, and oil prices are now at the highest level they've been since immediate aftermath of Russia's invasion of Ukraine. A lot depends on how long prices stay at these levels and how high they ultimately go. Obviously, news of the G7 talks about potentially releasing oil reserves has brought the headline price down a bit for the moment, but those decisions will undoubtedly affect where the price goes in the short term.
Now, a higher oil price translates into higher costs for factories that are making things. It's their energy bills, transport costs for goods, fuel costs for ordinary people. You know, the petrol and diesel you put in your car, those could go up.
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Chapters
8 chapters
1
What economic impact does the US-Israel war with Iran have on oil prices?
0:00–0:25
2
Who is Iran's new supreme leader and what does his rise mean for the country?
0:25–0:28
3
What is the significance of the trial of Turkish opposition leader Ekrem İmamoğlu?
0:28–0:33
4
How is South Sudan coping with instability and fears of civil war?
0:33–0:36
5
What role is Ukraine playing in the Middle East amidst the conflict?
0:36–0:40
6
What concerns surround the Iranian women's football team's return home?
0:40–0:44
7
What recent discovery sheds light on ancient Egyptian correction fluid?
0:44–0:45
8
How are rising oil prices affecting global economies and inflation?
0:45–33:17