# Why oil hasn’t ruined the global economy. With Rory Johnston

An episode of [The Economics Show with Soumaya Keynes](https://invisiblenetwork.ai/podcast/1746352576), 23 Oct 2026, 29 min.

Audio: https://sphinx.acast.com/p/open/s/664394a442f6710013618119/e/6ada6422a25058b22abaab6c/media.mp3

Eight months ago, when the Iran war began, analysts worried that oil could go up to $200 per barrel. That’s a huge jump compared with about $70 before the conflict, and there were fears it would cause a huge shock to the global economy. Luckily, that hasn’t happened. But oil prices have been climbing again since July. Commentator and analyst Rory Johnston joins host Soumaya Keynes to talk through how high prices could still go and why what you pay at the pump doesn’t reflect the cost of unrefined oil. Subscribe to Soumaya's show on Apple, Spotify, Pocket Casts or wherever you listen. Presented by Soumaya Keynes. Produced by Katya Kumkova. Original music and sound design by Breen Turner. Manuela Saragosa is the executive producer. Flo Phillips is the FT’s head of audio. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

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