Trump's $100 Oil Gamble Backfires with Global Economy at Risk

Oil prices have hit $100 a barrel for the first time since July, and this development is a disaster for US President Donald Trump. This crisis was triggered by the re-eruption of war between the US and Iran, with two Iranian tankers being attacked in the past day. The conflict has also spread to other parties, including Houthi rebels who have seized the opportunity to attack Saudi oil interests.

Trump's strategy in attacking Iran without a viable plan to avert a closure of the Strait of Hormuz was a massive failure, and Americans are now paying the price. His natural voters are being hit on the pocket despite the success of a policy of energy self-sufficiency pursued by presidents of both colors for the past two decades.

The crisis is also a blow to Trump's critics who have been calling for an end to fossil fuels and a transition to renewable energy. However, the Hormuz crisis shows that global demand for oil continues to reach new highs, despite investment in renewables.