Global industries squeezed as Iran war enters third month
5/4/202611 min
We tally the impact of war on industries around the globe as the conflict in Iran stretches into its third month. Plus, Britain braces for voters to deliver a potentially seismic change to the political system. And, though many industries are preparing to deal with shortages caused by the Strait of Hormuz closure, the US and Europe have a glut of milk.
Mentioned in this podcast:
Airlines slash flights as fuel shortage fears mount
UAE fertiliser giant resorts to trucks to shift product out of Gulf
Detroit carmakers warn of $5bn commodities shock due to Iran war
Exxon and Chevron defy Trump pressure to boost oil production
Oil market one month from crunch point as global stockpiles dwindle
Trump’s war in Iran leaves US with sharpest fuel shock in G7
Political Fix: Labour braces for ballot box bloodbath
The land of milk and no money: UK farmers are in a fix
Note: The FT does not use generative AI to voice its podcasts
Today’s FT News Briefing was hosted by Victoria Craig and produced by Marc Filippino and Saffeya Ahmed. Our show was mixed by Alex Higgins. Additional help from Peter Barber. Our executive producer is Topher Forhecz. Cheryl Brumley is the FT’s Global Head of Audio. The show’s theme music is by Metaphor Music.
Read a transcript of this episode on FT.com
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Transcript preview
First 90 secondsSpeaker 00:00
[intro music] Thinking long term about your investment career? Hear stories, advice, and lessons from seasoned leaders at Capital Group on the Capital Ideas Podcast. Subscribe and start listening today. Published by Capital Client Group Inc.
Victoria Craig· Host0:14
[news jingle] Good morning from the Financial Times. Today is Monday, May 4th, and this is your FT News Briefing. We're counting the cost of the war in Iran as industries face shortages and disruption. Plus, Britain's governing party is bracing for local elections this week.
Lucy Fisher· Guest0:36
We're expecting a devastating set of results for Labor. It could be their worst ever showing at a local election in England.
Victoria Craig· Host0:44
I'm Victoria Craig, and here's the news you need to start your day. [news music] The US-Israeli war on Iran is now in its third month. The critical Strait of Hormuz, where a fifth of the world's oil traveled before the war, is still closed, and that is causing a commodity shock that's hitting a lot of industries. Firstly, airlines. They're slashing thousands of flights globally because they're worried about running out of fuel in the coming weeks. Since the start of the war in late February, the cost of jet fuel has doubled. But driving instead of flying might not be any cheaper. Not only are petrol prices soaring, but the cost