US President Donald Trump’s renewed threats against Iran failed to drastically change the dynamic of the war or ease the market’s anxious posture.
Oil prices jumped after Trump said US forces would hit Iran “extremely hard.”
The US on Thursday destroyed Iran’s largest bridge, while Tehran fired more missiles at Israel and the Gulf.
Iran’s “tolerance for pain” seems higher than Trump anticipated, and he faces the possibility that after several weeks, “nothing much will have changed,” The New York Times wrote.
Trump has also effectively handed off the issue of the Strait of Hormuz to allies.
The UK and France are leading a global coalition to discuss making the strait accessible, including encouraging shipowners to resume travel and lowering insurance premiums.