The world is in oil shock. Since the US and Israel launched its war on Iran one month ago, the impact on the rest of the world has been felt in ever-rising energy prices.
Iran controls – and has mostly closed – the Strait of Hormuz through which one-fifth of the world’s oil supply usually passes.
There is no guarantee in this uncertain war when oil supplies will start flowing again as normal.
History shows that oil shocks are followed by recessions, says economist, writer and Irish Times columnist David McWilliams.
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But will that happen this time? And is there enough understanding in Ireland how this war could impact on all our lives in the coming weeks?
Presented by Bernice Harrison. Produced by Suzanne Brennan.
