Oil Price Spike Could Crash Global Economy
Novara Live
Novara Media
4.8 • 577 Ratings
🗓️ 9 March 2026
⏱️ 63 minutes
🧾️ Download transcript
Summary
Global oil prices surge as Israel bombards Iran’s energy infrastructure.
Plus: Tony Blair tries to goad Keir Starmer into joining the US and Israel’s war on Iran, and Mojtaba Khamenei is announced as Iran’s new head of state.
With Michael Walker, Jasmine El-Gamal, Kojo Koram & Eskandar Sadeghi-Boroujerdi.
Transcript
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| 0:00.0 | Welcome to Navarra live. Apologies for the very slight delay, but we do have a great show coming up for you. |
| 0:10.2 | As you'll probably know, global oil prices are skyrocketing as Israel has bombarded Iran's energy infrastructure and still no boats can go through the Strait of Fomuz. |
| 0:19.6 | Tony Blair is trying to goad Kirstama into joining the war on Iran. And Iran has announced a new Supreme Leader. I've got some great guests coming up. And throughout the show, I'm joined by Koja Karan. Delighted to have you with us. Professor of Law and Political Economy at Loughborough University. |
| 0:37.8 | You've had a promotion since you last came on the show, I think. |
| 0:40.2 | Thank you so much, Michael. |
| 0:41.3 | And yeah, you know, taking baby steps up, but great to be in conversation with you. |
| 0:45.4 | Yeah, congratulations. |
| 0:46.3 | Great to have you in the studio as well. |
| 0:47.7 | I think we've had you down the line before. The US and Israel have continued their campaign of massive airstrikes on Iran. |
| 1:09.0 | And over the weekend, the targeting of civilian infrastructure |
| 1:11.1 | yielded some of the most apocalyptic footage we've seen yet. |
| 1:15.8 | And so on Saturday night, Israel struck at least four oil depots |
| 1:18.7 | and a petroleum logistics site around Tehran, |
| 1:22.1 | setting the skies alight above the city |
| 1:25.5 | and filling the air with toxic smoke. |
| 1:27.7 | Just incredible footage. |
| 1:29.3 | According to authorities, six people were killed and at least 20 wounded at one of the sites |
| 1:33.8 | as fireballs and columns of fixed smoke filled the city's skyline. |
| 1:37.8 | Burning fuel also flowed out of the oil depots and into the city's streets, |
| 1:42.8 | turning its drains and streets into rivers of fire. |
| 1:48.1 | It wasn't just oil that caught fire, though. |
| 1:50.4 | Gas pipes exploded too. |
... |
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