It takes no special insight to recognize that launching a war against one of the world’s largest oil producers would raise the price of petroleum on global markets, especially when other major producers are geographically close and might be ensnared in the conflict as well.
In other words, the spike in energy prices that occurred this week — a 25% surge at one point that took them to the highest levels in years — and the projected hit to the Japanese economy was foreseeable and could have been minimized with planning and coordination.
Decision-making in Washington today forecloses such cooperation. There is little timely outreach to allies and partners. Even Persian Gulf nations with immediate stakes in the conflict reportedly had no notice of the impending assault. As a result, governments across the world are scrambling to deal with the ripple effects of the attack on Iran. They are likely to be severe and enduring.
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