The leading American daily New York Times said Wednesday that Trump seriously underestimated Iran’s response to the unprovoked war of aggression waged by a US-Israeli military coalition on February 28 and its ripples through the markets.
According to the article, citing multiple unnamed sources, the Trump administration wrongly believed that oil prices blip up for a few days and then go down, just like they did during the 12-day war in June last year.
However, the White House proved to be wrong this time as it had not taken Tehran’s threats of closing the strategic Strait of Hormuz in the Persian Gulf seriously.
According to the Times, commercial shipping has come to a standstill in the Persian Gulf, oil prices have spiked, and the Trump administration has scrambled to find ways to tamp down an economic crisis that has triggered higher gasoline prices for Americans.
MNA
