War in the Middle East has caused oil and gas prices to soar and sent the markets into turmoil. But why does oil still have such a powerful influence over the cost of household goods? And what has history taught us about how wars are waged when oil holds such sway?

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Guest:

Dr Ellen R. Wald, Ph.D., Senior Fellow at the Atlantic Council’s Global Energy Center and author of Saudi, Inc..
Harry Wallop, consumer journalist and Times Radio contributor.

Host: Rosie Wright

Producer: Julia Webster and Harry Stott

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Why oil matters: conflicts abroad, costs at home

The Story