When the West Asia war started in February and Iran subsequently shut traffic through the Strait of Hormuz, analysts described it as the biggest ever oil shock in the history of capitalism. Oil prices did not support the doomsday predictions. Even in nominal terms, oil barely touched $120 per barrel (it had been higher when the Russia-Ukraine war broke out in 2022) and, in real terms, prices were well below the historic peaks. While the Trump regime could continue with its bravado, some West Asian countries are showing signs of looking for some sort of détente
