Days after Israel and the United States began bombing Iran, White House trade adviser Peter Navarro boldly proclaimed that the "Iran war will lower energy prices." Navarro's prediction has, thus far, been exceedingly wrong.
The war has led to the effective closure of the Strait of Hormuz, through which about 20 percent of the world's oil passes. As a result, global oil prices have continued to fluctuate, reaching as high as $119 per barrel on March 19, before falling to about $99 a barrel following signals of possible de-escalation.
