War in the Middle East Taking a Hit to the Economy 


Elaina Batista, Asst. Social Media Editor

The war between the United States, Israel and Iran has entered its fifth week, and Iran’s effective closure of the Strait of Hormuz.

This conflict has involved attacks on oil infrastructure in neighboring countries, including Saudi Arabia, Kuwait and the United Arab Emirates. 

The Strait of Hormuz is where a vast majority that is produced in the Persian Gulf is exported through. Initially, this closure was motivated primarily by the necessity to modify insurance contracts for oil tanks. 

However, the ultimate concern has been attacks on oil vessels in the strait, resulting in unsustainable losses or shipwrecks that close shipping lanes. President Trump claims to have facilitated talks with Iran to end the war in the Middle East, but continues to send troops into the region. Iran insisted on state media that the conflict will only end on Tehran’s terms, publicly rejecting Mr. Trump’s suggestion. 

Despite this, Iranian officials have indicated in private that they are willing to engage in negotiations. Mohammad Bagher Ghalibaf, the speaker of Iran’s Parliament took to social media and stated that Iran was “closely monitoring all U.S. movements in the region, especially troop deployments.” He added “Do not test our resolve to defend our land.”

  Israel claimed to have targeted two nuclear facilities in Iran. This was the third strike against the Bushehr nuclear power station. According to a local official cited in state media, at least 20 people were killed in US-Israeli strikes in western Iran. 

Defense Minister Israel Katz said in a statement on March 27, that Israeli strikes on Iran “will intensify and expand” due to the fact that they claim that the Islamic Republic had not heeded warnings “to stop firing missiles at Israel’s civilian population.” 

As of recently, Trump’s approval rating has hit an all time low of 36% and only 29% of the ​country approves of Trump’s economic stewardship according to Reuters. Additionally, according to a recent AP-NORC survey published on Wednesday, 45% of Americans expressed “extreme” concern about their ability to pay petrol in the coming months. 

Two amphibious units of U.S. Marines are traveling to the Gulf – one from Japan and the other from California. According to reports, an elite infantry division specializing in parachute assault will follow shortly. Their deployment signals that America’s president is considering using force to unblock the Strait of Hormuz. Since the beginning of Operation Epic Fury, Iran has threatened the strait, threatening nearly 20% of global oil and liquefied gas exports, among other important goods.

As of Friday, March 27, the global price of crude oil jumped over $110 a barrel and prior to the conflict in the Middle East, a barrel of oil was just over $70. Iran’s Revolutionary Guard Corps has proclaimed the Strait of Hormuz restricted to any ships not expressly granted permission by Tehran, warning of harsh consequences for any offenders. In a statement, the Iran’s Revolutionary Guard Corps stated “the passage of any ship ‘to and from’ ports belonging to allies and supporters of the zionist-American enemies, to any destination and via any corridor, is prohibited.”

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