As I see it | Trump and Netanyahu’s Iran quagmire is wrecking the global economy
While bombs are being dropped on communities that may seem far away for some, the ripple effects of war in the Middle East are truly worldwide
It’s a tragic irony that both countries have a culture of extreme self-righteousness, with a constant army of apologists telling others they must stand up to evil wherever it exists because if they don’t, it will come for them one day.
Well, that day is here, but guess who’s committing the crime. Actually, the criminals have long been around, but this time they have thrown a huge wrench into the engine of the global economy.
Oil prices almost hit US$120 before falling back substantially, but volatility continues to haunt the energy market. Qatari energy minister Saad Sherida Al-Kaabi said oil could hit US$150 a barrel if the conflict dragged on. Saudi Aramco CEO Amin Nasser has similarly warned of “catastrophic” consequences.
According to Nicholas Mulder, a history professor at Cornell University, “In economic terms, this is already the largest oil supply shock ever – as Gulf producers continue to reduce output and shut down production, we are seeing roughly three to four times as many barrels of oil lost as during the 1973 and 1979 oil crises.”
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How US-Israeli strikes on Iran are sending shock waves through global energy markets
He sees failures at the political, diplomatic and strategic levels for Israel and the US. “At the strategic level, the war against Iran is at risk of backfiring spectacularly against its initiators. It has brought about the very thing that the United States has long claimed to want to avoid: an effective Iranian blockade of the Hormuz Strait,” he said in a university press release.