Big Take Podcast

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

On today’s Big Take podcast: Why the global economy is so sensitive to oil price spikes — and how long the impact of even a brief spike can last.

A sign displays the prices of diesel fuel at a BP gas station in Elizabeth, New Jersey, on March 9.Photographer: Bing Guan/Bloomberg

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By David Fox and Stacey Vanek Smith

March 10, 2026 at 9:40 PM UTC

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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.