For decades, foreign policy experts warned about what would happen if someone decided to shut down the Strait of Hormuz. Now we are living that reality. The price of Brent crude just smashed through the $100 barrier after fighting between the U.S. and Iran erupted once again last night. Gasoline and diesel are going to become even more expensive, and that is not good news for our economy at all. But that isn’t the big story. The panic that is starting to spread through global financial markets is not the big story either. The big story is that the war with Iran is dangerously close to spiraling completely and utterly out of control. If that actually happens, we really will be facing an apocalyptic scenario.
As I discussed yesterday, great efforts have been made to keep the price of oil under $100 during this war.
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