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Washington and Tel Aviv’s war with Iran has escalated considerably over the last week, and in a manner which should dispel whatever remained of the fiction that this will be a limited campaign.
Following the collapse of the MoU, the United States has conducted more than a week of renewed attacks throughout southern Iran, striking bridges, ports, electrical facilities and other infrastructure along the Persian Gulf. Iran has responded in kind with another barrage against American installations and the Gulf monarchies which host them. Two American servicemen were killed in an Iranian attack in Jordan on Friday, while another was killed in northern Iraq. Seventeen American troops have now died since the war began on February 28th, with more than four hundred and thirty wounded.
There is no indication that any of this has brought the United States closer to victory, whatever victory is presently understood to mean. Iran retains the capacity to strike American forces and allied facilities throughout the region, maritime traffic through the Strait remains essentially frozen, and the number of American dead continues to grow.
American oil reserves are already at critical levels. The Strategic Petroleum Reserve has been hollowed out to suppress the consequences of a war which Washington insists it is winning, while commercial inventories offer little room for another prolonged shock. The infrastructure required to replace this loss in supply cannot be conjured into existence by a press conference.
As we have repeatedly discussed on this platform, oil is the foundation of the modern economy.
Further disruption in the Strait portends consequences far beyond another unpleasant week at the pump.
Without further ado, let’s dive into the stories shaping the week that was…
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