Following the U.S. and Israeli strikes on Iran, uncertainty in the global economy has intensified.
WTI crude futures surged this morning to around $110 per barrel, their highest level in three years.
On March 8, Iran selected Mojtaba Khamenei, the younger son of Supreme Leader Ali Khamenei, as the country’s third Supreme Leader.
In a Reuters interview on March 5, President Trump stated that the United States wanted to be involved in the process of choosing the person who would guide Iran’s future, while suggesting that Mojtaba was unlikely to be selected.
On March 6, Trump posted on Truth Social that “There will be no deal with Iran except UNCONDITIONAL SURRENDER!”
At present there is no clear path toward an exit. If the war drags on, tensions with Congress and negative economic repercussions are likely to intensify — outcomes that would work against the administration as it heads into midterm elections in November.
Stepping back from the immediate crisis, however, it may be useful to consider a broader question: how should “middle powers” survive in today’s world?
