The US president’s rambling words about the situation in the Gulf demonstrate one thing above all: the self-proclaimed dealmaker has created a disaster.
When a deal with Iran is supposedly imminent, the country is threatened with “cultural annihilation”, then, according to US President Donald Trump , negotiations suddenly take place at the request of the mullahs, of which Tehran knows nothing, and then bombs suddenly start flying again.
The crude oil markets and stock exchanges accompany all these ups and downs with price jumps or crashes – and each time, surprisingly, there are a few insiders in New York and Washington who profit handsomely from it.
What makes the Strait of Hormuz so important for the economy?
The global economy, however, tells a different story : The bottleneck in the Persian Gulf leads to high energy prices, rising inflation rates, and economic stagnation. The war against Iran, deliberately instigated by Trump and Israeli Prime Minister Benjamin Netanyahu, has not only cost thousands of lives and billions of dollars – it has also failed to achieve a single war aim.
On the contrary: The mullahs are clinging to their nuclear production and are more firmly in power than ever before. In the medium term, they don’t even need a nuclear bomb, because a few speedboats belonging to the Revolutionary Guards are enough to stop a fifth of global oil shipments. Previously, the terrorist regime in Tehran took American hostages; today, it is holding the global economy hostage.
When Trump now claims that the US has cleared the entire Strait of Hormuz of mines and that the sea route is now open again, very few people rightly believe him. Least of all the shipowners whose vessels, carrying hundreds of thousands of tons of oil, might still strike a mine overlooked by the US Navy. Or be hit by a drone or missile from the Houthis, Revolutionary Guards, or other pirates.
Trump’s golf course further exacerbates the situation.
The world’s largest military power is being continually humiliated in the Persian Gulf. The Iranians are keeping Trump waiting, allowing individual ships through only at their own discretion. Moreover, the Iranians are shelling US allies in the Gulf almost unhindered, without the US, their protector, being able to stop them. On the contrary: the US military is apparently running out of ammunition and missiles, and President Trump is at a loss. Instead, he says something different every day, makes demonstrably baseless claims, and utters inhumane threats unworthy of an American president.
Trump will be remembered not only as the loser of this war of aggression, but also as the one who, through megalomania and irresponsibility, contributed to the fact that, for the first time since World War II, individual countries will again levy tolls on ships in international waters. Given the circumstances, it is virtually impossible that Iran and Oman will pass up this opportunity for such a source of revenue. Their argument that the revenue would help pay for some of the damage caused by the US and Israel in their countries is, unfortunately, not without merit. However, in that case, we will all foot the bill, not just the two aggressors, the US and Israel.
A toll will not only permanently drive up global transport and energy costs, but also set a dangerous precedent for other states bordering straits. Our global economy rests on the principle of free navigation and open oceans. If this is no longer the case, a crucial pillar in the foundation of our prosperity will crumble. Thank you, Mr. President.
