🇺🇸🇮🇷 Before launching strikes on Iran, Trump and several advisers believed the war would have little impact on global oil markets and expected any price increases to be brief, according to NYT. ➡️ They assumed Iran would respond similarly to the limited reaction during the previous year’s short war and largely dismissed warnings that Tehran might disrupt shipping through the Strait of Hormuz, a route carrying about 20% of the world’s oil. ➡️ Iran responded more aggressively than expected, threatening tanker traffic and launching attacks across the region, which caused Gulf shipping to stall and oil prices to surge. ➡️ The situation has forced the administration to scramble with embassy evacuations and emergency economic measures, while critics say the U.S. lacked a clear plan for reopening the Strait or ending the conflict.