Hussein Al-Qazi, an economic researcher and former minister of Syria, has analyzed the consequences of the war against Iran and its impact on the economy of the United States. According to him, currently, the war with Iran has become one of the main topics of the U.S. midterm elections, and its consequences, especially regarding oil and gas prices, are significantly evident.
Impact of War on Oil Prices and Inflation
Al-Qazi pointed out that the war with Iran and the sanctions imposed on this country have exerted significant economic pressures on the United States and other countries around the world. The situation in the Strait of Hormuz and the Bab-el-Mandeb Strait, which is under the control of the Ansar Allah movement in Yemen, affects global oil prices. This situation directly negatively impacts transportation costs and various industries, including fertilizers and petrochemicals.
He added: "The rise in oil and gas prices means an increase in the cost of living for American citizens and others. This issue leads to an increase in inflation rates, which ultimately affects mortgage interest rates and other loans."
Political and Economic Consequences of the War
Al-Qazi also examined other dimensions of this war and said: "The second important consequence is the increase in debt related to U.S. Treasury bonds and the need to raise the debt ceiling by Congress. This issue will directly negatively impact the U.S. economy and the global economy as well." He also referred to the decline in stock prices and reduced investment in financial markets, adding: "These consequences will undoubtedly affect the position of American voters, and it is expected that Republican votes will decrease in favor of Democrats."
Al-Qazi further referenced statements by Donald Trump, the President of the United States, regarding the decrease in oil prices after the elections, saying: "Trump's claims are more an attempt to reassure public opinion, while he does not have a consistent position and may find himself on both sides of the threat and negotiation with Iran."
He pointed out that the U.S. is currently facing a difficult crossroads, stating: "If sanctions are lifted, Washington will have admitted its failure in this war, and if it does not, the continuation of the current situation could be disastrous for the global economy."
