After oil soared to nearly $120 per barrel on Sunday, President Donald Trump began to signal that the US had already achieved victory in Iran and could wind down the conflict soon. There was an immediate drop in oil prices — and the entire global economy seemed to sigh in relief.

On today’s Big Take podcast, Stacey Vanek Smith and Bloomberg Opinion’s Javier Blas discuss why the global economy is so sensitive to oil price spikes and how oil prices are ratcheting up both domestic and international pressure on Trump.

Read more: 

Higher Gas Prices Hit Americans Already Hurting From Inflation

This Isn’t an Energy Crisis — at Least Not Yet

Hosted by Stacey Vanek Smith; Produced by David Fox; Reported by Stacey Vanek Smith; Edited by Naomi Shavin.

Fact-checking by Eleanor Harrison-Dengate, Aaron Edwards and Jeff Grocott; Engineering by Alex Sugiura.

Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.

After oil soared to nearly $120 per barrel on Sunday, President Donald Trump began to signal that the US had already achieved victory in Iran and could wind down the conflict soon. There was an immediate drop in oil prices &mdash; and the entire global economy seemed to sigh in relief.
On today&rsquo;s Big Take podcast, Stacey Vanek Smith and Bloomberg Opinion&rsquo;s Javier Blas discuss why the global economy is so sensitive to oil price spikes and how oil prices are ratcheting up both domestic and international pressure on Trump.
Read more:&nbsp;
<a href="https://www.bloomberg.com/news/newsletters/2026-03-09/iran-war-hits-american-drivers-with-gas-price-pain?srnd=undefined">Higher Gas Prices Hit Americans Already Hurting From Inflation</a>
<a href="https://www.bloomberg.com/opinion/articles/2026-03-06/iran-war-oil-price-spikes-aren-t-an-energy-crisis-yet?srnd=undefined">This Isn&rsquo;t an Energy Crisis &mdash; at Least Not Yet</a>
Hosted by Stacey Vanek Smith; Produced by David Fox; Reported by Stacey Vanek Smith;&nbsp;Edited by Naomi Shavin.
Fact-checking by Eleanor Harrison-Dengate, Aaron Edwards and Jeff Grocott;&nbsp;Engineering by Alex Sugiura.
Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.

The Big Take from Bloomberg News brings you inside what’s shaping the world's economies with the smartest and most informed business reporters around the world. The context you need on the stories that can move markets. Every afternoon.

The Big Take from Bloomberg News brings you inside what’s shaping the world's economies with the smartest and most informed business reporters around the world. The context you need on the stories that can move markets. Every afternoon.

Big Take

 What a $100-Per-Barrel Oil Spike Does to the Global Economy

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/6844c743-59ad-4a24-8bac-b409015defff/transcript