Early—and Painful—Lessons From the Iran War

March 25, 2026

TL;DR

Financial markets reacted positively to President Trump's claim of productive talks with Iran about ending the war, though Iran denied such talks occurred.
Iran possesses an asymmetric advantage by threatening to disrupt the Strait of Hormuz, impacting global oil and resource shipments.
The Trump administration implemented unusual economic measures, such as waiving oil sanctions and Jones Act rules, to mitigate the crisis.
The article questions the consistency of the administration's economic philosophy, contrasting its wartime flexibility with its protectionist stance in other areas.
The author expresses skepticism about President Trump's ability to manage oil prices and learn enduring lessons from the crisis.

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