Could surging oil prices cause a global depression?

<p>Oil prices have spiked following the outbreak of war in Iran, with crude oil jumping to over £75 a barrel.</p><br /><p>This is having a huge impact around the world, and is set to get worse.</p><br /><p>Megan Gibson is joined by Rory Johnston, oil market researcher and author of the Commodity Context newsletter, who argues that this scenario could lead to a global depression.</p><br /><p><strong>LISTEN AD-FREE:</strong></p><p>📱<a href="https://www.newstatesman.com/politics/2022/06/newapp" rel="noopener noreferrer" target="_blank">Download the New Statesman app</a></p><br /><p><strong>MORE FROM THE NEW STATESMAN:</strong></p><p>❓ <a href="https://www.newstatesman.com/podcasts/2022/10/you-ask-us" rel="noopener noreferrer" target="_blank">Ask a question</a> – we answer them every Friday</p><p>⏰ <a href="https://morningcall.substack.com/subscribe" rel="noopener noreferrer" target="_blank">Get our daily politics newsletter</a> every morning</p><p>✍️ <a href="http://saturdayread.substack.com/subscribe" rel="noopener noreferrer" target="_blank">Enjoy the best of our writing</a> via email every Saturday</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>