Oil hits new highs - how bad will it get?
4/30/202626 min
We hear how oil prices have been swinging sharply, with Brent crude briefly hitting 126 dollars a barrel as tensions in the Gulf raise concerns about supply and the wider global economy. Saudi Arabia is to stop funding the LIV Golf tour after spending billions to lure top players away from the PGA Tour. And in India, a surge in digital scams has cost victims around two and a half billion dollars, prompting the central bank to step in.
(Image Credit: FILIP SINGER/EPA/Shutterstock (16852987h) A display shows fuel prices in euro at a petrol station in Berlin, Germany, 30 April 2026.)
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First 90 secondsEd Butler· Host0:00
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Asma Khalid0:03
[instrumental music] What exactly was the JCPOA, the Iran nuclear deal crafted under President Obama more than a decade ago? A deal that President Trump has repeatedly described as the worst deal ever. I'm Asma Khalid, one of the hosts of The Global Story podcast from the BBC. President Trump insists he's gonna land a far better deal now than the Iran nuclear deal that he ripped up in his first term. For more, listen to The Global Story on bbc.com or wherever you find your favorite shows.
Ed Butler· Host0:34
[instrumental music] The oil price has hit new highs. Consumers are feeling it.
Speaker 20:41
Prices of items were increasing, but now they're going even higher.
Speaker 30:46
Pays aren't increasing, so salaries aren't increasing, but the cost of living is.
Ed Butler· Host0:50
Is it really, though, so bad?
Dieter Helm· Guest0:53
You know, people see a peak, and they just extrapolate ever-rising prices into the future, whereas each crisis in the oil market has been followed by a fairly precipitous fall.
Ed Butler· Host1:05
This is World Business Report from the BBC. [upbeat music] I'm Ed Butler, and amidst more political turmoil over the Iran war, we're looking at the latest swings in the oil price and fears it could be pushing us towards global recession. Also in the show, why the Saudi's great multi-billion dollar golf experiment came crashing down, and can India fix its scamming problem?