Uploaded March 2026 | Updated September 2026, 3 weeks ago
The conflict in the Middle East is not just a military crisis. It is rapidly becoming a global economic shock.
With the Strait of Hormuz disrupted, vital supplies of oil, gas and industrial inputs are at risk. That means rising energy prices, inflation, supply chain disruption and political instability around the world.
But the deeper issue is political. Wars like this often emerge when leaders under pressure seek external conflict to avoid accountability.
In this video, I explain why this conflict could last far longer than politicians admit, why the economic consequences could be severe, and why the politics driving it matters as much as the missiles.
We also need to ask a deeper question: can politics return to a politics of care rather than fear?
Take a look at our poll: youtube.com/post/UgkxjoKLjvfflu0kZqMl2_X7ewktXMN8h_cj
00:00 — War in the Middle East and the global economic shock
00:50 — Why this conflict creates deep uncertainty
01:35 — The widening conflict: US, Israel and Iran
02:20 — Global supply chain risks and the Strait of Hormuz
03:10 — Energy disruption: oil, gas and industrial inputs
04:00 — Why gas price shocks threaten the UK economy
04:45 — Inflation, household bills and economic instability
05:30 — The risk of humanitarian crisis in the Gulf
06:15 — Water, desalination plants and regional survival risks
07:00 — The logistics of modern war: missiles, drones and supply limits
07:45 — Why the outcome of the conflict is unknowable
08:25 — Uncertainty, markets and the inability to price the future
09:10 — The political economy of war and domestic political pressure
10:00 — War as a strategy to avoid accountability
10:40 — Fascism, fear politics and economic consequences
11:20 — Why tolerance and democracy are essential
11:55 — The politics of care versus the politics of destruction
12:20 — Why hope and accountability must guide the future
TRANSCRIPT
A transcript for this video is available at: taxresearch.org.uk
IF YOU WANT TO WRITE TO YOUR MP ABOUT ISSUES IN THIS VIDEO
If you want to write a letter to your MP on the issues raised in this blog post, there is a ChatGPT prompt to assist you in doing so, with full instructions, here. taxresearch.org.uk/Blog/2025/06/20/chatgpt-prompt-for-a-letter-to-your-mp
HOW TO SUPPORT US
Please consider donating: ko-fi.com/taxresearch
ABOUT RICHARD MURPHY
Richard Murphy is Emeritus Professor of Accounting Practice at Sheffield University Management School. He is director of Tax Research LLP and the author of the Funding the Future blog. His best-known book is ‘The Joy of Tax’.
This video was edited by Thomas Murphy.
RICHARD MURPHY ON BLUESKY:
https://bsky.app/profile/richardjmurphy.bsky.social
OR
ON MY BLOG: taxresearch.org.uk/Blog
HIT SUBSCRIBE & GET NOTIFICATIONS
Subscribe and get notified of new videos released.
INTRODUCTION: youtube.com/watch?v=HdHsRPy3060
PLAYLISTS:
The Wealth Series
youtube.com/playlist?list=PLvRueM6wBgobQLeyZYAagFDMjEFTKbhRD
Ecenomics
youtube.com/playlist?list=PLvRueM6wBgob54Gs-fOL-8OAQ-IpduwB4
Britain
youtube.com/playlist?list=PLvRueM6wBgobwTT4ATvJjsf8OO6S7wD10
Tax
youtube.com/playlist?list=PLvRueM6wBgoaMni_12J6ULp3yUJisUZoY
MMT
youtube.com/playlist?list=PLvRueM6wBgoZ6jvRGSW5YXu8qogE6aClX
Money
youtube.com/playlist?list=PLvRueM6wBgoYnLk1c7syTvoIo8bKYUs5m
Climate Change
youtube.com/playlist?list=PLvRueM6wBgob4_wsYaVivWd2WumpPLYwJ
USA
youtube.com/playlist?list=PLvRueM6wBgoYYd3dSyU2Oyl3x7bWJOP7H
Labour
youtube.com/playlist?list=PLvRueM6wBgoa-KhzG-fnjDSg1WROL1zMw
The Trump Administration
youtube.com/playlist?list=PLvRueM6wBgobz41-GLimTho27A3flVWQx
#richardmurphy #richardjmurphy #economy #economics #accountancy #accounting #tax #uktax #ukeconomy #greennewdeal #uk #money #economy #politics #government #tax #labour #health #life #MiddleEastWar #GlobalEnergyCrisis #OilPrices #GasPrices #StraitOfHormuz #Geopolitics #EconomicShock #GlobalSupplyChains #EnergySecurity #InflationRisk #PoliticalEconomy #WarAndEconomics #AuthoritarianPolitics #Fascism #DemocracyMatters #PoliticsOfCare #PoliticsOfFear #HumanitarianCrisis #GlobalUncertainty #EconomicInstability #InternationalConflict #PeaceAndDemocracy #EconomicResilience #FundingTheFuture #RichardMurphy #GlobalPolitics #WarAndInflation #LeadershipAccountability #HopeInPolitics #economicjustice
The ongoing long-term conflict in the Middle East is creating a massive economic shock, driven by leaders who exploit fear and division. This situation creates a state of global uncertainty, making it difficult to comprehend the objectives of these leaders, especially concerning the broader geopolitics and international relations. This video discusses the significant impact on the global economy, highlighting how fascism contributes to this instability and makes international news headlines.
The conflict in the Middle East is not just a military crisis. It is rapidly becoming a global economic shock.
With the Strait of Hormuz disrupted, vital supplies of oil, gas and industrial inputs are at risk. That means rising energy prices, inflation, supply chain disruption and political instability around the world.
But the deeper issue is political. Wars like this often emerge when leaders under pressure seek external conflict to avoid accountability.
In this video, I explain why this conflict could last far longer than politicians admit, why the economic consequences could be severe, and why the politics driving it matters as much as the missiles.
We also need to ask a deeper question: can politics return to a politics of care rather than fear?
Take a look at our poll: youtube.com/post/UgkxjoKLjvfflu0kZqMl2_X7ewktXMN8h_cj
00:00 — War in the Middle East and the global economic shock
00:50 — Why this conflict creates deep uncertainty
01:35 — The widening conflict: US, Israel and Iran
02:20 — Global supply chain risks and the Strait of Hormuz
03:10 — Energy disruption: oil, gas and industrial inputs
04:00 — Why gas price shocks threaten the UK economy
04:45 — Inflation, household bills and economic instability
05:30 — The risk of humanitarian crisis in the Gulf
06:15 — Water, desalination plants and regional survival risks
07:00 — The logistics of modern war: missiles, drones and supply limits
07:45 — Why the outcome of the conflict is unknowable
08:25 — Uncertainty, markets and the inability to price the future
09:10 — The political economy of war and domestic political pressure
10:00 — War as a strategy to avoid accountability
10:40 — Fascism, fear politics and economic consequences
11:20 — Why tolerance and democracy are essential
11:55 — The politics of care versus the politics of destruction
12:20 — Why hope and accountability must guide the future
TRANSCRIPT
A transcript for this video is available at: taxresearch.org.uk
IF YOU WANT TO WRITE TO YOUR MP ABOUT ISSUES IN THIS VIDEO
If you want to write a letter to your MP on the issues raised in this blog post, there is a ChatGPT prompt to assist you in doing so, with full instructions, here. taxresearch.org.uk/Blog/2025/06/20/chatgpt-prompt-for-a-letter-to-your-mp
HOW TO SUPPORT US
Please consider donating: ko-fi.com/taxresearch
ABOUT RICHARD MURPHY
Richard Murphy is Emeritus Professor of Accounting Practice at Sheffield University Management School. He is director of Tax Research LLP and the author of the Funding the Future blog. His best-known book is ‘The Joy of Tax’.
This video was edited by Thomas Murphy.
RICHARD MURPHY ON BLUESKY:
https://bsky.app/profile/richardjmurphy.bsky.social
OR
ON MY BLOG: taxresearch.org.uk/Blog
HIT SUBSCRIBE & GET NOTIFICATIONS
Subscribe and get notified of new videos released.
INTRODUCTION: youtube.com/watch?v=HdHsRPy3060
PLAYLISTS:
The Wealth Series
youtube.com/playlist?list=PLvRueM6wBgobQLeyZYAagFDMjEFTKbhRD
Ecenomics
youtube.com/playlist?list=PLvRueM6wBgob54Gs-fOL-8OAQ-IpduwB4
Britain
youtube.com/playlist?list=PLvRueM6wBgobwTT4ATvJjsf8OO6S7wD10
Tax
youtube.com/playlist?list=PLvRueM6wBgoaMni_12J6ULp3yUJisUZoY
MMT
youtube.com/playlist?list=PLvRueM6wBgoZ6jvRGSW5YXu8qogE6aClX
Money
youtube.com/playlist?list=PLvRueM6wBgoYnLk1c7syTvoIo8bKYUs5m
Climate Change
youtube.com/playlist?list=PLvRueM6wBgob4_wsYaVivWd2WumpPLYwJ
USA
youtube.com/playlist?list=PLvRueM6wBgoYYd3dSyU2Oyl3x7bWJOP7H
Labour
youtube.com/playlist?list=PLvRueM6wBgoa-KhzG-fnjDSg1WROL1zMw
The Trump Administration
youtube.com/playlist?list=PLvRueM6wBgobz41-GLimTho27A3flVWQx
#richardmurphy #richardjmurphy #economy #economics #accountancy #accounting #tax #uktax #ukeconomy #greennewdeal #uk #money #economy #politics #government #tax #labour #health #life #MiddleEastWar #GlobalEnergyCrisis #OilPrices #GasPrices #StraitOfHormuz #Geopolitics #EconomicShock #GlobalSupplyChains #EnergySecurity #InflationRisk #PoliticalEconomy #WarAndEconomics #AuthoritarianPolitics #Fascism #DemocracyMatters #PoliticsOfCare #PoliticsOfFear #HumanitarianCrisis #GlobalUncertainty #EconomicInstability #InternationalConflict #PeaceAndDemocracy #EconomicResilience #FundingTheFuture #RichardMurphy #GlobalPolitics #WarAndInflation #LeadershipAccountability #HopeInPolitics #economicjustice
The ongoing long-term conflict in the Middle East is creating a massive economic shock, driven by leaders who exploit fear and division. This situation creates a state of global uncertainty, making it difficult to comprehend the objectives of these leaders, especially concerning the broader geopolitics and international relations. This video discusses the significant impact on the global economy, highlighting how fascism contributes to this instability and makes international news headlines.
