politics
Economic pain becomes decisive factor in Iran war endgame
Key takeaways
- Iran s stranglehold on the Strait of Hormuz has sent average U.S. gas prices to their highest average point since the war started – about $4.18 per gallon – as President Trump s approval ratings continue to plummet.
- But the president and his top officials are stressing that Iran is running out of storage capacity for its oil and gas while under a U.S. blockade, and must accept U.S. terms for ending the war.
- We are in an economic waiting game and I think both sides think they can outlast the other, said Kristian Coates Ulrichsen, fellow for the Middle East at Rice University s Baker Institute.
Why this matters: political developments that affect policy direction and public trust.
Iran s stranglehold on the Strait of Hormuz has sent average U.S. gas prices to their highest average point since the war started – about $4.18 per gallon – as President Trump s approval ratings continue to plummet.
But the president and his top officials are stressing that Iran is running out of storage capacity for its oil and gas while under a U.S. blockade, and must accept U.S. terms for ending the war.
We are in an economic waiting game and I think both sides think they can outlast the other, said Kristian Coates Ulrichsen, fellow for the Middle East at Rice University s Baker Institute.
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