When the United States and Israel launched attacks on Iran in late February, resulting in a dramatic decrease in oil and natural gas production in the region, analysts hoped that a speedy resolution to the war could mean a quick return to prewar levels of energy production. But more than 100 days later, with no end to the war in sight, President Donald Trump and his allies have all but guaranteed high energy prices through the summer and beyond.
In the early days of the war, Trump insisted that the situation would be resolved in four to five weeks. As a result, energy industry analysts said that if Trump’s assertion proved true, the U.S. and global economies might be able to quickly return to the prewar status quo in terms of oil and natural gas prices.
