The most important economic question about Iran is one Trump can’t answer
By Allison Morrow
Published on March 19, 2026.
The most pressing economic question about Iran is when the Strait of Hormuz reopens, which has been effectively closed for 19 days and has contributed to a 29% increase in gas prices in America. The only way to keep oil prices in check is to get hundreds of idle tankers moving through the strait, which most American allies have refused to help. President Donald Trump's comments suggest he may not fully grasp how global commodity markets work. The uncertainty surrounding the situation is translating into economic pain, with Federal Reserve Chair Jay Powell stating it is "out of our hands" regarding Iran-related price increases.
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