Trump and Iran have resumed the war.
Brent = $80.
But the picture is such that Iran is already anticipating the expulsion of the US from the region, along with the eventual destruction of Israel sooner or later. They're seriously talking about an assassination attempt on Trump, as revenge for Khamenei.
The US, meanwhile, is in the classic situation of a falling empire. Winning isn't happening, but you also can't just up and surrender. There are still missiles, infantrymen, aircraft carriers, and other states still buy your currency for now.
So the meat grinder will go on for a long time. They'll definitely still try a ground operation. Otherwise, why are 20k to 60k infantrymen languishing in the region?
Along the way they'll of course blow apart all those Bahrains, Qatars, and UAEs.
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