The article asks whether the war with Iran and the Strait of Hormuz crisis could become America's Suez, comparing it to Britain's 1956 retreat, which exposed the limits of its power. Before the war, around one-fifth of global oil consumption passed through the strait, along with a major share of LNG shipments, so higher oil prices have raised gasoline, diesel, shipping and goods costs. High interest rates used to control inflation could increase borrowing costs, while the government must fund the war and pay interest on its existing debt. Reuters reported Brent remained above 100 USD a barrel in October 2026, adding pressure ahead of the midterm elections. The author argues that if the conflict continues without achieving its goals, its economic cost may eventually outweigh the expected benefits.
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XAU/USD
▲ Likely positiveRelevance: medium
| Market | Gold |
|---|---|
| Close on 10/23/2026 | 3,995.78 |
| Change that session | -0.72% |
DXY
▲ Likely positiveRelevance: low
| Market | Currencies |
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| Close on 10/23/2026 | 101.74 |
| Change that session | +0.11% |
QQQ
▼ Likely negativeInvesco QQQ Trust
Relevance: low
| Market | US stocks |
|---|---|
| Sector | ETF |
| Close on 10/23/2026 | 704.39 |
| Change that session | -0.01% |
SPY
▼ Likely negativeSPDR S&P 500 ETF
Relevance: low
| Market | US stocks |
|---|---|
| Sector | ETF |
| Close on 10/23/2026 | 759.85 |
| Change that session | -0.54% |
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Expert Waiel Awwad told ANI that Washington's real aim on Iran goes beyond oil and nuclear issues, namely regime change and the “total destruction” of Iran to make Israel the region's dominant force. He linked this to US midterm election politics and said Iran sees the conflict as an “existential war,” while the US response to Tehran's diplomatic proposals remained non-committal. With crude at USD 117 per barrel, he pointed to pressure on India's energy security and inflation. The IRGC claimed control of the Strait of Hormuz after two supertankers carrying over 4.5 million barrels reportedly hit mines, and Iran said US naval vessels would not be allowed into the Persian Gulf.
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