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

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 https://www.telegraph.co.uk/news/2026/03/27/trump-troops-seize-strait-hormuz/ Ambrose Evans-Pritchard: China has already won the Gulf War https://www.telegraph.co.uk/business/2026/03/25/china-has-already-won-the-gulf-war/ Ambrose Evans-Pritchard: The longer Trump’s war drags on, the worse the coming global food crisis https://www.telegraph.co.uk/business/2026/03/27/longer-trump-war-drags-on-worse-coming-global-food-crisis/ Producer: Peter Shevlin Executive Producer: Louisa Wells ► EMAIL US: Contact the team on [email protected] ► GET THE LATEST HEADLINES: Find all our latest Iran coverage here: https://www.telegraph.co.uk/iran-war/ ► Sign up to the Telegraph's free new daily newsletter, From the Editor, bringing you the latest news, features and analysis from the Telegraph newsroom: www.telegraph.co.uk/customer/secure/newsletter/from-the-editor/?WT.mc_id=tmgoff_youtube_telegraphmain ► Get the latest headlines: www.telegraph.co.uk?WT.mc_id=tmgoff_youtube_telegraphmain ► Stay ahead with a Telegraph digital subscription: https://www.telegraph.co.uk/customer/subscription/store?WT.mc_id=tmgoff_youtube_telegraphmain https://www.telegraph.co.uk/ and https://www.youtube.com/telegraph are websites of The Telegraph, the UK's best-selling quality daily newspaper providing news and analysis on UK and world events, business, sport, lifestyle and culture. #Iran #StraitOfHormuz #OilCrisis #GlobalEconomy #MiddleEastConflict #IranWar #OilPrices #EconomicCrisis #Geopolitics #WorldNews #SupplyChain #FoodCrisis #EnergyCrisis #RussiaChina #Houthis #USNavy #Trump #IsraelLebanon #BreakingNews #GlobalMarkets