Oil Shocks Are No Longer So Shocking¶
NEW YORK—The Persian Gulf is in an unstable disequilibrium. There has been no lasting deal to reopen the Strait of Hormuz, because the United States and Iran remain far apart in their demands, with the Iranians holding more leverage than President Donald Trump ahead of the US midterm elections this November. In the absence of a full deal, renewed skirmishing washighly likely, reflected in the growing risk of a return to full-blown warfare.