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Trump's Iran war is making us all poorer | Economics | The New Statesman
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March 10, 2026
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29:14Now PlayingTrump is bombing Iran. Oil prices are volatile. Is the world heading for recession?
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Oil prices peaked after the US and Israel started their war on Iran.
Around a fifth of the world's oil supply relies on one tiny shipping lane in the Middle East called the Strait of Hormuz, and shipping firms are refusing to use it for fear of attack.
Meanwhile, Britain remains in the grip of inflated prices and shoppers fear the war in Iran will only make things worse.
Anoosh Chakelian and Will Dunn discuss how the Iran war will impact the global and the UK economies, and what – if anything – the Labour government can do about it.
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Oil prices mean Starmer must raise tax or face recession
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The New Statesman brings you unrivalled analysis of of the latest UK politics. On our YouTube channel you’ll find insight on the top news and current affairs stories, as well as insightful interviews with politicians, advisers and leading political thinkers to help you understand the political and economic forces shaping the world.
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