President Trump issued a stark warning that without a deal by his Tuesday deadline, Iran would lose its power plants and bridges in a four-hour operation that sends the country back 'to the Stone Ages.'
The main upward pressure on inflation in February came from clothing and footwear, where prices rose by 0.9% over the year. This marked a reversal from the previous month, when clothing prices had shown no increase.
The scale of what is at stake cannot be overstated. Oil companies can likely absorb a one- to two-week slowdown. A full or near-full closure lasting a month or more would require demand destruction at levels that could push crude well into triple digits and European natural gas prices toward or above the crisis levels seen in 2022.
