Why the world’s missing oil leaves Britain on a 'cliff edge'
This Is Why
Sky News
4.0 • 552 Ratings
🗓️ 31 March 2026
⏱️ 19 minutes
🧾️ Download transcript
Summary
"Go get your own oil!" Donald Trump has served notice on his allies, telling them the US won't necessarily help to reopen the Strait of Hormuz.
And oil is important... for everything. The global economy needs 100 million barrels a day to function. The war in Iran means we're only producing 80 million.
Those missing barrels are having a huge impact on diesel and petrol prices – but that's just the start. Inflation, interest rates, food and utility bills are all set to rise.
What, if anything, can the UK government do to avoid the inevitable economic earthquake?
Niall asks Sky's economics and data editor Ed Conway why he's so worried about the financial effects of the crisis in the Middle East.
Do you have a question for the podcast? Email us: why@sky.uk
Transcript
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| 0:00.0 | Sky News, the full story first. |
| 0:09.7 | There is little, if anything, the government can do to protect us from rising fuel. |
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