Trump’s Inexcusable Unpreparedness for the Iranian Oil Crisis

The Newyorker

March 13, 2026

In the President’s first term, Iran demonstrated what tactics it would use in a confrontation with the U.S. Yet the Administration seems to have no game plan.

Two weeks after the United States and Israel launched an air war on Iran, there has been no letup in the conflict—or its financial repercussions. On Thursday, Iran’s new Supreme Leader said that his country would keep closed the Strait of Hormuz, a vital shipping lane through which about a fifth of the world’s oil flows, and more vessels in the Persian Gulf were attacked, including two oil tankers that were set ablaze off the coast of Iraq. On world markets, the price of a barrel of crude jumped to more than a hundred dollars.

Here in the U.S., the price of gasoline has risen by about more than twenty per cent since the war began, and energy analysts warn that it could rise a lot further if the Strait isn’t reopened. The Dow has fallen by about four per cent. Donald Trump, having plunged the country into a potentially disastrous war, with no clear rationale or exit plan, is flailing around for ways to mitigate its economic consequences. On Thursday, he suggested in a social-media post that the U.S., as the world’s largest oil producer, makes a lot of money when prices go up—an argument that even the most slavish G.O.P. congressman facing a reëlection campaign might hesitate to embrace.

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