Weekend Edition: Martin Wolf on Navigating the Energy Shock

Friday 20th March 2026

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In this weekend edition Phil is joined by Martin Wolf, the FT’s chief economics commentator, to analyze the deepening economic fallout of the intensifying conflict in the Middle East. As oil prices surge past $110 a barrel following attacks on energy infrastructure and a continued blockade of the Strait of Hormuz, Wolf weighs the likelihood of a "nightmare" long-term war against a more optimistic scenario where President Trump declares a swift victory. The discussion explores the potential for a 1970s-style stagflationary shock, the precarious strategic position of an energy-dependent Europe, and the paradoxical resilience of the US dollar as a safe haven. Wolf also sheds light on the broader geopolitical ripple effects, from China’s irritation with regional instability to the severe strain on emerging nations facing a "double whammy" of rising tariffs and energy costs.

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