The Politics of Oil, War, Inflation and the Economic Squeeze

A global oil shock is shaking the world economy – caused by the US and Israel – and Australia is already feeling the impact, with petrol prices pushing towards $3 per litre, rising inflation, higher interest rates, and growing fears of a recession. In this episode, we examine how US and Israel strikes on Iran have disrupted global supply chains, destabilised energy markets, and exposed Australia’s economic vulnerability. We connect the chaos of military strategy with Donald Trump’s “America First” trade policies, showing how geopolitical instability is driving oil price volatility and economic uncertainty. There’s also the unintended consequences for global technology supply chains, AI development, and Taiwan’s semiconductor production, alongside a shift away from US-led co-ordination as countries secure their own energy deals. Australia is now on the front line of a global crisis it didn’t create, but what does this all mean for our economic future, including energy policy, renewable transition, and structural reform? Support New Politics: Patreon: Substack: Song listing: ‘La Femme d’Argent’, AIR.

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The Politics of Oil, War, Inflation and the Economic Squeeze is an episode from New Politics: Australian Politics by New Politics.

This episode is 38:11 long.

This episode was published on Mar 19, 2026.

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