The Rest Is Money 259. BONUS: Trump's War - why it's making us poorer
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Mar 10, 2026 They unpack how the Iran conflict is driving extreme oil and bond volatility and what that means for markets. They explore shipping chokepoints, alternative oil routes and the strain on insurance and gas supplies. They cover force majeure clauses disrupting global supply chains and why mortgage pricing is getting worse for consumers.
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Gilt Yields Jump Raised Borrowing Costs For The UK
- Government bond yields jumped sharply, indicating a big rise in borrowing costs and a fall in gilt prices.
- Peston highlighted a >20 basis points rise in two-year gilt yields, meaning materially higher interest costs for the UK government.
Political Signals Can Trigger Sudden Market Reversals
- Markets reacted strongly to perceived US policy shifts; Robert described a pattern where Trump 'chickens out' when markets move against him.
- That 'taco' moment (Trump signalling de-escalation) briefly sent oil down and calmed markets.
Pipeline Bypasses Only Partially Replace Hormuz Flows
- About 15–20% of global crude and gas flows were disrupted, and alternative pipelines (Saudi east–west) can only carry a fraction.
- Steph McGovern explained the Saudi pipeline can move ~5 million barrels per day versus ~20 million through Hormuz.