In a sudden and dramatic move, US President Donald Trump authorized attacks against three Iranian nuclear enrichment facilities, one of the most notable military actions of his administration. The attacks targeted strategic sites said to be at the heart of Iran’s nuclear project and inflicted heavy damage to Tehran but raised alarms about broader conflict in the Middle East.
Analysts maintain that the attacks are bound to trigger a sharp jump in international oil prices since Iran threatens to sabotage sea trade routes, including the strategically vital Strait of Hormuz, through which nearly 20% of the world’s oil passes. The immediate jump would be in the range of $5 a barrel, with analysts expecting prices to jump to $100 a barrel should Iran retaliate in full force.
The potential for a fuel price spike threatens to fuel inflationary pressures internationally, atop economic hardship in consumers, notably the United States, where gas prices have been fairly stagnant lately. Economists say that any prolonged disruption would reverse recent inflation moderation and affect markets worldwide.
Diplomatic action is now under urgent scrutiny as international leaders call for restraint from both parties. The US airstrikes have been condemned by Russia and China, who claim the actions will destabilize international security and increase tensions. US officials, however, emphasize the airstrikes were imperative to prevent Iran from obtaining a nuclear weapon and reiterate that they stand ready to respond robustly to any Iranian attack.
As the region gears up for possible retaliatory measures, the world holds its breath to see whether the operation will be successful in curbing Iran’s nuclear ambitions or accidentally escalate the Middle East into a long and destabilizing conflict.