World Business Report Oil hits new highs - how bad will it get?
Apr 30, 2026
Michael McEwan, head of content at Bunkered, on Saudi pulls back from big sports bets. Nikhil Nanamdar, BBC reporter, on India’s surge in digital payment scams and central bank responses. Dieter Helm, Oxford economic policy professor, on energy market forces and medium-term supply. John Kilduff, New York oil trader, on crude volatility and geopolitical risk. The conversation covers oil spikes, supply fears, scam trends and sports divestment.
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Thin Liquidity Amplified Short-Term Oil Spike
- Brent crude spiked to $126 briefly due to an Iranian statement and thinly traded expiring June futures contract.
- John Kilduff said low liquidity and desperate buyers for that expiring contract amplified an emergency bid to 126 before the new contract traded near $110.
Military Risk Keeps Oil Volatility High
- Military escalation risk is the dominant driver keeping oil prices elevated as markets await potential strikes on Iranian oil infrastructure.
- John Kilduff warned the market is braced for the "next shoe to drop" given US forces massed in the region.
Price Signals Trigger Supply Response
- Higher prices incentivise increased production which historically brings prices back down after crises.
- Dieter Helm cited US production growth to ~14mbd and potential output from Brazil, Canada and Russia as catalysts for medium-term price falls.