The oil logic behind Trump’s war on Iran
By Ilan Kapoor
Published on March 18, 2026.
The United States and Israel have been engaging in a military campaign against Iran, claiming it is about nuclear proliferation, deterrence, and regional security. However, this strategy is also aimed at safeguarding the mobility of oil, a vital lifeline of the global capitalist economy. The recent US strike on Iran's Kharg Island, the country's main oil export terminal, was deliberately spared. The strike, which would have disrupted global supply and likely sent prices soaring, was seen as a calibrated strike without causing energy paralysis. This suggests that the US is prepared to weaken Iran militarily but remains invested in maintaining the flow of oil. This strategy is consistent with other recent moves by the Trump administration, including increasing confrontation with Venezuela's President Nicolas Maduro and relaxing restrictions on Russian oil.
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