‘A full spectrum crisis’: how the Iran war went global

‘A full spectrum crisis’: how the Iran war went global

Author: The Telegraph March 27, 2026 Duration: 34:16

Iran’s blockade of the Strait of Hormuz has already pushed up oil prices. But is a bigger global economic disruption yet to come? And how long will it last?


The Telegraph’s World Economy Editor Ambrose Evans-Pritchard joins Roland Oliphant to explain why the Iran conflict is sending shock waves around the world - and not just in the oil market. 


From fertiliser to helium to sulphur, the block on shipping through the Strait carries other key commodities used by the tech industry, hospitals and farmers. Ambrose explains how the war will almost certainly cause a global food shock in 2027. 


They also discuss how Russia and China are benefitting from the Iran war and why the Houthis in Yemen remain the dog that hasn’t barked - but could make things even worse than they are now.


Plus, Roland Oliphant and senior foreign correspondent Sohia Yan analyse the latest news from the Iran war, including Donald Trump’s ongoing attempts at peace talks with Tehran, the US Navy’s first ever use of unmanned surface boats and why AP is now calling Israel’s attack on Lebanon an invasion. 


CONTRIBUTORS:


Roland Oliphant, co-host and chief foreign affairs analyst @RolandOliphant

Sophia Yan, senior foreign correspondent @sophia_yan

Ambrose Evans-Pritchard, world economy editor 


CONTENT REFERENCED:


Roland Oliphant: Trump needs troops to seize the Strait of Hormuz. These are his options


Ambrose Evans-Pritchard: China has already won the Gulf War


Ambrose Evans-Pritchard: The longer Trump’s war drags on, the worse the coming global food crisis


Producer: Peter Shevlin

Executive Producer: Louisa Wells


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For those trying to understand the complex and rapidly shifting landscape of the Middle East, Iran: The Latest offers essential context. This Telegraph podcast moves beyond the headlines to examine the military, diplomatic, and strategic forces shaping the ongoing tensions between Iran, the United States, and Israel. Hosted by veteran foreign correspondents Roland Oliphant and Venetia Rainey, each episode synthesizes frontline reporting from the paper's award-winning journalists with insightful conversations. You'll hear from specialists in areas like regional security architecture, covert operations, and geopolitical theory, providing a clearer picture of the stakes involved. The analysis considers historical grievances, economic pressures, and potential flashpoints, from proxy conflicts to direct confrontations. It’s a resource for anyone who wants to grasp not just what is happening, but why it matters and what might come next. By drawing on deep sourcing and expert commentary, this podcast delivers a nuanced perspective that is both timely and thoroughly researched, making sense of a critical and often misunderstood arena of global affairs.
Author: Language: English Episodes: 100

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