Gerard Lyons: Former Chief Advisor to Boris Johnson on the volatile oil prices and impacts of the resumed conflict in the Middle East

There is confidence global economic resilience is growing in response to volatile oil prices and conflict in the Middle East.  The US will soon block Iranian ports again, but Donald Trump's abandoned his plan for a 20% fee on cargo passing through the Strait of Hormuz.  It comes as the US and Iran continue to trade strikes and oil prices climb to their highest point in a month.  Boris Johnson's Former Chief Economic Advisor, Gerard Lyons told Mike Hosking it takes time for economies to adjust.  He says in the Gulf, oil pipe facilities are being built to remove the dependency on the Strait.  Lyons says earlier this year, people were fearing the worst-case scenario for the global economy, but there’s a lot more resilience now, and so there’s more confidence we can weather a setback in Iran.  LISTEN ABOVE See omnystudio.com/listener for privacy information.