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.

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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?