The oil price disaster triggered by President Donald Trump’s ongoing war against Iran is about to crash into small businesses in the U.S. and around the globe — and while the energy crunch is putting pressure on their bottom lines, consumers will ultimately be footing the bill.
Following the joint U.S.-Israeli attack on Iran in late February, attention quickly turned to oil markets, as the conflict put the squeeze on the supply of oil. It quickly manifested into higher prices for products ranging from gasoline to plastics to helium. While President Donald Trump initially said that he expected his war to end in two to three weeks, he said Wednesday, almost two months later, he has “no time frame” for ending the war. Meanwhile, negotiations are floundering as Iran continues to flex its control over a crucial economic chokepoint in the Strait of Hormuz. All of this signals that the ongoing oil crisis is here to stay for the foreseeable future and that recovery is unlikely to happen any time soon, regardless if the war ends tomorrow.
