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The Story

Why oil matters: conflicts abroad, costs at home

The Story

The Times

Investigative Reporting, Daily News, Current Affairs, Uk News, News, Politics, Global News, News Analysis, In-depth Journalism, Long-form Audio, Audio Storytelling, Exclusive Interviews, Daily News Podcast

3.91.6K Ratings

🗓️ 11 March 2026

⏱️ 31 minutes

🧾️ Download transcript

Summary

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?


Our listener survey is live - find it here.


This podcast was brought to you thanks to the support of readers of The Times and The Sunday Times. Subscribe today: http://thetimes.com/thestory


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


We want to hear from you - email: thestory@thetimes.com


Read more: Does Trump really have a plan for what he is doing in Iran?

Further listening: Could Trump lose MAGA over Iran?

Clips: Blue Georgia on X, The White House, The Economic Times, CNN, GB News, AP

Photo: Getty Images.

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Transcript

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0:00.0

Hello, this is Luke. I would like you to do something for me, please. Ask not what your

0:06.1

favourite news and current affairs podcast can do for you, but what you can do for your favorite

0:10.1

news and current affairs podcast. It says here we have our first ever listener audience survey.

0:16.7

Pause for gasps of wonder. Let us know what you think of this podcast. What makes you listen?

0:21.9

What makes you turn off? What is the ideal length of episode to the nearest second? Can you even

0:26.4

tell that Manvina and I coordinate our outfits? Fill out the survey, please. There is a link

0:31.1

in the description of this episode. Thank you.

0:36.3

From The Times and the Sunday Times, this is The Story.

0:40.1

I'm Rosie Wright.

0:44.1

This is a short-term disruption for the long-term gain.

0:48.1

Short-term pain be for long-term gain.

0:49.9

Short-term spike for a long-term gain.

0:52.5

Some short-term pain for American consumers.

0:55.3

That's the message coming from the Trump administration

0:57.8

that soaring oil prices are a very small price to pay

1:02.5

for what the White House says will be long-term peace.

1:06.6

And this, the president insists, is a war that won't last much longer.

1:11.0

So we're winning very decisively.

1:13.8

We're way ahead of schedule.

1:15.4

You called it an excursion.

1:16.8

You said it would be over soon.

1:18.4

Are you thinking this week it will be over?

...

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