How will the war on Iran impact the US economy?
Al Jazeera
Outcomes depend on how quickly oil tankers can return to the Strait of Hormuz, experts said.
New York City, United States – Rising prices on the back of US-Israel strikes on Iran are adding to the economic pressure facing US consumers despite efforts by US President Donald Trump to paint the war as a success.
On Wednesday, Trump declared, “We won – in the first hour it was over.”
Trump’s declaration comes even as the Strait of Hormuz remains closed, cutting off oil from the Gulf amid warnings from Iran, which continues to strike ships, that oil could reach $200 per barrel.
Oil prices spiked above $100 per barrel on Sunday and again today.
The magnitude of the economic pressure on consumers will depend on how long the war lasts and, crucially, how soon shipping traffic can return to the Gulf.
