From Oil to Food, the Iran War Is Squeezing the Global Economy
The effects of the war in Iran are squeezing consumers, businesses and governments around the world, raising the prices of many essential goods.
The effects of the war in Iran are squeezing consumers, businesses and governments around the world, raising the prices of many essential goods.
The war in the Middle East risks worsening an inflation problem that the Federal Reserve has struggled for years to subdue.
Republicans and Democrats alike have criticized the Trump administration’s moves, taken to stabilize oil markets rocked by the war with Iran, warning that it is benefiting two U.S. adversaries.
While the president has promised rapid relief, Americans could feel the financial sting of the conflict for some time after it ends.
President Trump’s war in Iran has raised some costs just as many Americans are starting to see savings from last year’s tax cuts.
As the conflict with Iran expands and intensifies, President Trump’s options — to fight on, or to move toward declaring victory and pulling back — both carry deeply problematic consequences.
Treasury Secretary Scott Bessent said it was “unfortunate” that the move could benefit Russia, but maintained that it was only for the short term.
In the lead-up to the U.S.-Israeli attack, President Trump downplayed the risks to the energy markets as a short-term concern that should not overshadow the mission to decapitate the Iranian regime.
Investors now expect that the Fed will delay a rate cut until September instead of July, as they had before the war in Iran began.
The global oil benchmark topped $100 a barrel late Sunday, putting Republicans on the defensive on an issue at the center of this year’s midterm elections.