Saudi Arabia is warning it may retaliate against Iran after fresh threats to oil and gas infrastructure as Donald Trump’s administration desperately tries to reopen the Strait of Hormuz. 

With strikes hitting key energy facilities across the Gulf, this conflict is no longer just military - it’s an economic war with global consequences.

So how far could this escalate? And what does it mean for energy prices, inflation and the world economy?

On this episode of The Fourcast Matt Frei is joined by The Economists defence editor Shashank Joshi and Channel 4 News’ economics editor Helia Ebrahimi.