Politics At Sam and Anne's Oil spikes: How high is the price of war?
Mar 9, 2026
A rapid oil price spike after Iran’s leadership change and the threat to global markets spark urgent debate. Discussion covers G7 talks on reserve releases and whether coordinated action can blunt the shock. They examine UK resilience versus China’s buffers, military and parliamentary responses, and the strain on UK-US relations amid tense diplomacy.
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Oil Spike Threatens Broad Inflation Surge
- Global oil price spikes will quickly push up the price of almost everything in the UK and elsewhere.
- Sam Coates links the surge to the effective closure of the Straits of Hormuz and refinery attacks, plus Bahrain's force majeure announcement.
Strategic Reserves Could Temporarily Calm Markets
- G7 finance ministers are considering a coordinated release from strategic petroleum reserves to blunt the spike.
- Anne McElvoy notes the FT reports three countries including the US back an IEA-coordinated release, which briefly eased prices overnight.
China's Reserves Cushion Oil Shock
- China has large strategic oil reserves (1.1–1.4 billion barrels) giving about 140 days of import demand cover.
- Sam Coates contrasts this with the UK, which has very limited gas storage, leaving some countries more exposed.