Could the Iran War Cause a New Oil Crisis? | FT's Chief Economics Commentator Martin Wolf

The discussion centers on the potential economic consequences of the ongoing war between the US and Iran, particularly focusing on the possibility of the Strait of Hormuz being blocked. Martin Wolf, Chief Economics Commentator for the Financial Times, shares his insights, emphasizing the uncertainty surrounding the war's objectives, duration, and potential damage. A key concern is the disruption to global oil supply, with scenarios suggesting prices could surge to $150 if the Strait remains closed for months. Wolf also analyzes the potential war aims of the US and Israel, regime change possibilities in Iran, and the implications for global energy dependence, especially Europe's transition to renewables. He further argues that the US could sustain the war economically, but lacks a compelling narrative for the American people.