Oil Price Spike Could CRASH Global Economy

March 24, 2026·1 hr 3 min·5 clips

Black acid rain falls on Tehran after Israeli strikes turn oil depots into infernos, poisoning the city's air and water.

Michael Walker hosts this episode of Novara Live with Professor Kojo Karam, covering the escalating U.S.-Israeli military campaign against Iran and its global economic fallout. The episode opens with footage and reporting from Tehran, where Israeli strikes hit at least four oil depots and a petroleum logistics site, killing six and wounding 20. Burning fuel flowed into city streets, gas pipes exploded along Saran Boulevard, and the following morning's rain was black with toxic hydrocarbons, sulfur dioxide, and nitrogen oxides. Atmospheric chemists identified carcinogenic polycyclic aromatic hydrocarbons in the rainfall. Tehran residents describe soot-covered homes, burning eyes, and skies so dark in daytime that they resembled nighttime. CNN reporting confirms that 20 Iranian hospitals have been attacked, with 10 medical personnel killed. The Gandhi Hospital sustained blown-out windows from a nearby 2,000-pound bomb strike on Iran's state broadcaster. The Motahari and Khatam hospitals also suffered damage, and newborn babies were evacuated from the Persian Gulf Hospital in Beshahar. New evidence links a U.S. Tomahawk missile to the strike on a girls' primary school in Minab that killed at least 165 people, mostly aged 7-12. Geolocated footage shows smoke already rising from the school's location at the time of a confirmed U.S. Tomahawk strike on a nearby IRGC facility. Trump claimed Iran was responsible; Pentagon chief Hegseth said they were still investigating. Oil hit $120 per barrel after Iran closed the Strait of Hormuz, through which most Gulf oil must travel. The G7 considered releasing reserves but held off. An estimated four and a half trillion pounds was wiped from global stock markets. Foreign policy analyst Jasmine El-Gamal, a former Pentagon Middle East advisor, argues that Iran only needs to threaten the Strait to make insurance companies and tankers unwilling to transit, achieving maximum effect with minimal action. El-Gamal explains that the Gulf monarchies were never consulted about the war, undermining Saudi Arabia's years-long strategy of regional stability built around Vision 2030. She notes that Trump's second-term cabinet lacks the restraining figures like Mattis and McMaster from his first term, and that Pete Hegseth, while a combat veteran, is primarily loyal to Trump rather than offering independent military counsel. The show pivots to UK politics, where leaked National Security Council discussions reveal that Keir Starmer initially favored providing U.S. access to British bases, but was overruled by Ed Miliband, Yvette Cooper, Rachel Reeves, and Shabana Mahmood. Starmer eventually agreed to allow U.S. bombers at RAF Fairford for what he called defensive strikes. Tony Blair, speaking at a private event, argued Britain should have backed America from the beginning, calling the U.S. an indispensable ally. Kojo Karam introduces his upcoming podcast, Death in Westminster, about a homeless man who died outside Parliament, connecting the death to systemic issues of empty homes, long council house waiting lists, and concentrated wealth.

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