Trump’s Iran war has triggered oil shocks, inflation pressure, and market turmoil, briefly lifting the dollar while undermining trust in the system behind it. Supply‑chain hits, Fed turmoil, and sanctions whiplash deepen global doubts. China, Russia, and energy importers are accelerating moves away from dollar dependence — a shift the crisis may harden.
Putin used his first call with Trump since the Iran war began to pose as mediator while backing Tehran and advancing in Ukraine. Trump’s move to ease oil‑related sanctions to curb prices hands Moscow new revenue. With Hormuz disrupted, Russian crude becomes indispensable — turning Washington’s Iran war into a strategic gift for the Kremlin.
Washington insists Iran is “not more formidable than expected,” even as the war widens: Hormuz traffic has collapsed, oil has surged past $100, and cluster munitions are hitting Israeli suburbs. Cyber intrusions, humanitarian strain, and rising regional casualties expose a widening gap between Pentagon confidence and the conflict’s escalating costs.
The renewed deployment of U.S. naval power to the Gulf has revived a debate that Washington never fully resolved: can the United States coerce Iran militarily without triggering a regional or global crisis. The answer, increasingly, is no. Iran is not Iraq — not geographically, not militarily, not diplomatically, and not economically. Any conflict would be multidimensional, prolonged, and globally destabilizing.
