The US and Israeli war on Iran has led to a virtual halt in shipments through the Strait of Hormuz, where 20% of global oil typically transits, with only a trickle of Iranian and Chinese tankers getting through. Prolonged inflationary pressures would undercut the GOP’s ability to retain control of the Senate and the House, and the loss of either chamber threatens to derail Trump’s ability to carry out his agenda. In the US, Congressional Democrats slammed the measure, arguing Trump’s move is an economic gift to Iran in the middle of a war that the president started.
Author: Se Young Lee, Millie Munshi, Yongchang Chin, Bloomberg
Published at: 2026-03-21 22:57:29
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