BlockBeats News, March 8th. As the US carried out a military operation in Iran causing a surge in oil prices, the policy toolbox was nearly exhausted. Experts warn that if the Strait of Hormuz cannot be reopened quickly, all other measures taken by Washington will be merely a drop in the bucket.
Some experts have criticized the Trump administration’s crisis management approach. Michael Alfaro, Chief Investment Officer of the energy and industrial hedge fund Gallo Partners, said, “Many policy decisions made or leaked by the government in the past 48 hours have shown a sign of desperation to calm the oil market.”
He warned that if there is no sign by Monday that the Strait of Hormuz is about to reopen, commodity prices will see another surge.
However, some have defended the White House’s strategy. Dan Brouillette, who served as Energy Secretary during Trump’s first term, told the Financial Times that the government has a longer-term view than the financial markets. “High oil prices are only temporary. Now is the time to remove this regime and completely end its decades-long extortion of the strait.” (Wall Street View)
