Drill pickle: oil prices still misjudge shock

<p><a href="https://www.economist.com/leaders/2026/04/30/oil-markets-are-still-in-la-la-land?utm_campaign=a.io&amp;utm_medium=audio.podcast.np&amp;utm_source=theintelligence&amp;utm_content=discovery.content.anonymous.tr_shownotes_na-na_article&amp;utm_term=sa.listeners" rel="noopener noreferrer" target="_blank">Oil prices</a> are at their highest since 2022, as a swift end to the Iran conflict proves elusive. Yet, our commodities editor says, markets do not yet yet recognise how deep the supply shock is. Who will contest next year’s <a href="https://www.economist.com/europe/2026/04/16/a-scramble-ahead-of-frances-presidential-election?utm_campaign=a.io&amp;utm_medium=audio.podcast.np&amp;utm_source=theintelligence&amp;utm_content=discovery.content.anonymous.tr_shownotes_na-na_article&amp;utm_term=sa.listeners" rel="noopener noreferrer" target="_blank">pivotal election</a> in France? And great expectations in Brazil ahead of the World Cup.</p><p>Watch “<a href="https://www.economist.com/insider?utm_campaign=a.io&amp;utm_medium=audio.podcast.np&amp;utm_source=theintelligence&amp;utm_content=discovery.content.anonymous.tr_shownotes_na-na_article&amp;utm_term=sa.listeners" rel="noopener noreferrer" target="_blank">The Insider</a>”: How high will the oil price go&nbsp;</p><br /><p>Guests and host:</p><ul><li>Matthieu Favas, commodities editor</li><li>Sophie Pedder, Paris bureau chief</li><li>Jon Fasman, senior culture correspondent</li><li>Rosie Blau, host of “The Intelligence”</li></ul><p><br /></p><p>Topics covered:&nbsp;</p><ul><li>Oil, Brent crude, OPEC, Iran, UAE</li><li>France, Macron, Marine Le Pen, National Rally</li><li>World Cup, Brazil, Pele&nbsp;</li></ul><p><br /></p><p><em>Listen to what matters most, from global politics and business to science and technology—</em><a href="https://subscribenow.economist.com/podcasts-plus" rel="noopener noreferrer" target="_blank"><em>Subscribe to Economist Podcasts+</em></a></p><br /><p><em>For more information about how to access Economist Podcasts+, please visit our </em><a href="https://myaccount.economist.com/s/article/What-is-Economist-Podcasts" rel="noopener noreferrer" target="_blank"><em>FAQs page</em></a><em> or watch </em><a href="https://www.youtube.com/watch?v=Gczo71bg1uY" rel="noopener noreferrer" target="_blank"><em>our video</em></a><em> explaining how to link your account. </em></p><hr /><p style="color: grey; font-size: 0.75em;"> Hosted on Acast. See <a href="https://acast.com/privacy" rel="noopener noreferrer" style="color: grey;" target="_blank">acast.com/privacy</a> for more information.</p>