Foreign Affairs
State of the Union: Oil prices spiked as President Trump mulled another round of fighting.
(Photo by Kevin Dietsch/Getty Images)
The Iran War could last another year if not longer, a top Trump ambassador told the Financial Times in remarks published Friday.
Mike Waltz, the ambassador to the UN, said he hopes Iran will settle the war before then, but “the president and the U.S. Navy can maintain this blockade [on Iranian ports] for the foreseeable future.”
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The unpopular war, now approaching its ninth month, has roiled energy markets, worsened inflation, and created headwinds for Republicans ahead of U.S. midterm elections in November. In its early days, President Donald Trump had said the war would last for only “four to five weeks.”
Trump is now mulling a renewal of intense hostilities, as Israel’s Prime Minister Benjamin Netanyahu tells him devastating strikes could trigger regime change, according to media reports. Iranian officials have warned another round of fighting would not be quick and that Tehran would expand its retaliation to new targets, including digital infrastructure.
The price of Brent crude oil spiked to $114 on Friday—nearing its highest level in the war—after Iran claimed successful attacks on seven tankers around the Strait of Hormuz. The tankers have been reported as damaged. Trump on Thursday accused Iran of “making up fake hits” to drive up oil prices.