"It may be too late for Trump to negotiate from a position of strength with Iran. The conflict has raised the risk of a worldwide recession."
"If the war ends quickly, or if there is an extended ceasefire that opens the Strait of Hormuz, the price of crude oil could rapidly fall back."
"Conversely, the longer the conflict goes on, the higher the price of crude will go, and ditto for gas prices."
Donald Trump's military actions against Iran have not only lacked clear justification but also failed to consider the economic repercussions. Oil prices are rising sharply, increasing the likelihood of a global recession. Negotiating the reopening of the Strait of Hormuz is crucial, yet Iran's control over this vital waterway complicates matters. Experts suggest that the duration of the conflict will significantly influence gas prices, with potential increases if the war continues. The situation remains precarious, with economic stability hanging in the balance.
Read at The New Yorker
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