Washington Has a War It Refuses to Name
Washington has discovered a new category of conflict. A war that cannot be called a war. JD Vance now argues that the confrontation with Iran...
Category: Commodities
Europe’s Energy Crisis Is Becoming a Sovereign-Debt Crisis
Europe is entering winter with an energy problem. It may leave it with a fiscal one. The renewed fighting between the United States and Iran...
The Next Food Inflation Shock Starts With Diesel
The next inflation shock may not begin in an oil field. It may begin in a Brazilian soybean farm. Brazil is entering its planting season...
Trump Can Control the Oil. He Cannot Control the Politics
Donald Trump may have secured access to one of the largest pools of oil on earth. He has not secured the politics around it. The...
Europe’s Next Inflation Shock Is Sitting in Its Gas Tanks
Europe’s inflation problem is changing shape again. Oil dominated the first phase of this year’s energy shock. Natural gas may dominate the next one. European...
Hormuz Is Becoming a Toll Road
The latest development in the Strait of Hormuz is more important than another temporary reopening. Iran says it has reached a revenue-sharing agreement with Oman...
The More Iran Is Squeezed, the More Dangerous the Gulf Becomes
Donald Trump is making a different bet on Iran. If military power cannot force Tehran to capitulate, economic exhaustion might. Scott Bessent is expected to...
Iran Is Losing the Gulf
The collapse of the US-Iran truce matters. But the more consequential development may be happening somewhere else. The United Arab Emirates has suspended commercial and...
To Isolate Iran, Washington Must Confront the World
Scott Bessent has promised something extraordinary. The United States, he says, is preparing measures against Iran that would be unprecedented in the history of the...