Trump has a limited time to end the war – perhaps a week at most |
Trump has a limited time to end the war – perhaps a week at most
March 10, 2026 — 12:37pm
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Behind the bellicose language, the Trump administration is reassuring markets that the Iran war will end “very soon”. Overnight, oil prices soared to nearly $US120 per barrel, their highest since Russia’s re-invasion of Ukraine in February 2022, then dropped back toward $US90. It’s a sign that the Third Gulf War hasn’t caused an energy crisis – yet.
Seen in context, there is more energy capacity today than during the Russian attacks of 2022, when the prices of oil, gas, electricity and coal spiked all at once. Supplies today aren’t being hit with that four-punch combination. The season matters, too. Northern Europe has moved out of the most bitterly cold phase of winter while the Asian summer is still months away. Liquefied natural gas, which is needed for power generation to meet peak electricity loads, isn’t under extreme pressure yet. Even the temporary increase in crude oil to over $100 a barrel is less........