Amos Hochstein on Iran war: The tools that were there a few months ago are diminishing

• The U.S.-Iran conflict is dragging on, with current military strikes showing diminishing returns.
• President Biden faces a critical decision regarding a larger military campaign, which could heavily damage the global economy.
• Ukrainian attacks have significantly impacted Russian diesel exports and refineries, further tightening global energy supply.
• U.S. refineries are running at near 100% capacity with low maintenance, and strategic petroleum reserves (SPR) are lower.
• Hochstein advises worrying about energy prices in four weeks and emphasizes the need for a deal with Iran, focusing on nuclear sites and ensuring the Strait of Hormuz functions.

Amos Hochstein discusses the prolonged U.S.-Iran conflict, noting that military options are diminishing and the situation is complex. He highlights the coalescing geopolitical fronts (Iran and Russia-Ukraine) and their significant negative impact on global energy supply and prices, leading to inflationary pressures on the economy. He recommends focusing on diplomatic solutions and alliances to stabilize energy markets.