Bloomberg Surveillance Iran War Escalates; Global Markets React
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Mar 17, 2026 Sir Mark Rowley, Metropolitan Police Commissioner focused on counterterrorism and urban safety. Alexis Crow, PwC Chief Economist specializing in macro trends and energy shocks. They discuss energy-driven market shocks and AI versus labor effects. Conversation also covers policing tech like data science and facial recognition, and international security cooperation.
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1979-Scale Energy Shock Risks Global Spillovers
- The Iran-related oil shock is the largest disruption to the global energy system since 1979 and risks doubling oil prices like then.
- Alexis Crow cites supply-chain links: semiconductors from South Korea rely on Middle East oil, and US fertilizer imports (40%) could be hit ahead of planting season.
US Tech Revenues Are Highly Globalized
- Over half (53.6%) of tech revenue in the S&P 500 comes from abroad, making US tech earnings sensitive to global slowdowns.
- Alexis Crow warns US prosperity tied to multinational exposure isn't insulated from overseas weakness.
Higher Fuel Costs Will Bite US Consumers This Summer
- Rising oil and diesel prices will squeeze US consumer spending ahead of summer driving season and pressure lower-income pockets.
- Alexis Crow notes California diesel near $6.50 and Delta booked a $400m higher fuel cost in March.