Trump's war brings dire economic straits

Nearly two and a half months after the United States and Israel commenced a war on Iran, neither a peaceful resolution nor a solid framework for one has emerged.

As a result, traffic through the Strait of Hormuz — crucial to commerce in petroleum and other supplies — remains impeded. Damage to the U.S. and world economy will increase the longer the chokehold lasts. And during a supposed pause, both sides opened fire in the strait on Thursday, each blaming the other for initiating attacks.

The stalemate must change soon. How and when are troublesome questions.

What we hear day-to-day about negotiations has become a mess of contradiction. By midweek one Iranian official was reporting that the nation’s leaders were “looking at” a U.S. proposal to end the war — while another called it “just a list of U.S. wishes.”

And after Secretary of State Marco Rubio indicated the war was “over,” Trump said if Iran failed to agree to U.S. conditions “the bombing starts at a much higher level and intensity.”

Wispy hints of an end to hostilities have been rewarded by dips in oil prices and jumps in the stock market. Politically they relieve pressure as well by discouraging Congress from exercising clout under the War Powers Act.

But officials’ optimism doesn’t help drivers get through the week. In New York State the price per gallon of gas has reached about $4.57 — up from roughly $3 in February, according to AAA.

Thousands of civilians have died in Iran during bombings. Israel’s simultaneous attacks on Iran-allied Hezbollah in Lebanon have cost an estimated 2,500 lives. The United States has lost more than a dozen lives and sustained considerable damage to its Middle East bases. The war has upended Arab alliances in the region and undermined business and travel there.

Trump’s statements zigzag and confuse. His positions have included demanding regime change and a popular rebellion by Iranians; offering protection for commercial vessels; threatening to seize Iran’s oil and production; prodding a reluctant Europe for support; and guarantees Iran won’t develop nuclear weapons.

Defense Secretary Pete Hegseth told Congress the war’s price tag so far is $25 billion. That means more U.S. debt. The war has prompted big creditor China to accelerate its shedding of U.S. Treasury holdings.

Unfortunately, the U.S. priority now is restoring the strait to its prewar status. What this military campaign has gained remains unclear.

Trump is being forced to contemplate the type of concessions he blasted predecessor Barack Obama for making in his nuclear pact with Iran — such as lifting sanctions and releasing frozen assets. Iran, still a hostile state, has enriched, weapons-grade uranium and other stockpiles of the fuel.

It’s too late to worry whether Trump or his congressional Republicans come out of this with a “win.” They must work to end the confrontation and try to do what’s in all Americans’ interests.