When will oil markets recover?
Marketplace All-in-One
Marketplace
4.5 • 1.4K Ratings
🗓️ 2 April 2026
⏱️ 27 minutes
🧾️ Download transcript
Summary
President Trump said last night that military attacks on Iran will end in two or three weeks. But the effect on the global oil market will last much longer. In this episode, what it will take to stabilize oil supply and reserves — and how long gas prices will stay high. Plus: Hospitality groups make up a growing share of restaurant ownership, high oil prices haven’t pushed Permian Basin rigs to “drill, baby, drill,” and corporations take small steps to save the Colorado River basin.
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Transcript
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| 0:00.0 | On the program today, oil for a bit, tariffs for a bit, and then some economic odds and ends. |
| 0:10.9 | From American public media, this is Marketplace. |
| 0:20.2 | In Los Angeles, I'm Kai Rizdahl. |
| 0:24.8 | It is Thursday. |
| 0:26.1 | Today, this one is the second of April. |
| 0:28.4 | Good as always to have you along, everybody. |
| 0:31.1 | Well, among the many, many words the president spoke in his 19-minute speech last night were words that indicated this war |
| 0:39.3 | is going to go on for another two to three weeks. So mid to late April before we see some |
| 0:46.0 | semblance of a resolution, whatever that might look like. What it definitely is not going to look |
| 0:51.6 | like is the global oil market rubber banding back to normal overnight. |
| 0:56.8 | So we asked Marketplaces Elizabeth Roval to play out our short-term economic future. |
| 1:01.9 | Imagine it's mid-April. Military actions against Iran have stopped. Now? |
| 1:07.4 | The bigger question facing the global economy is what will the status of the straight be? |
| 1:14.1 | Gregory Brew with Eurasia Group says the next milestone is opening up the strait of Hormuz, which Iran now controls. |
| 1:22.4 | And there's a lot TBD on how and when that might happen. |
| 1:26.6 | Will volumes recover to such an extent that goods can come and go the way that they were before? |
| 1:33.7 | What kinds of risks will still exist? |
| 1:36.5 | The future of the strait looks messy, says Joe DeLora with Rabbo Bank. |
| 1:41.5 | The strait will still take months to clear if Iran even wants it to be open, |
| 1:47.1 | and then on top of that you have refinery damage, pipeline damage, and production shut-ins. |
| 1:52.9 | All that oil production that is turned off during wartime can't get turned back on overnight. |
| 1:57.9 | Even in an optimistic scenario, says Claudio Goli |
... |
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