Trumponomics

Iran Has a Lesson in Economic Warfare to Offer Trump

Rising energy prices, shifting market expectations and Iran’s strategic leverage are reshaping the economic outlook — and testing US policy.

Drivers refuel tractor trailers with diesel fuel at a Chevron truck stop in Tracy, California, US, on Wednesday, March 25, 2026. The average cost for a gallon of diesel in California rose to the highest level ever as the state deals with limited oil-refining capacity and as the war in Iran disrupts global energy shipments.Photographer: David Paul Morris/Bloomberg

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By Sommer Saadi and Stephanie Flanders

March 26, 2026 at 6:16 PM UTC

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On this episode of Trumponomics, host Stephanie Flanders is joined by Bloomberg Economics Chief Economist Tom Orlik and Middle East Geoeconomics Lead Dina Esfandiary to assess the mounting global economic fallout from the US–Israel strikes on Iran. Oil prices have surged, inflation pressures are building and expectations for rate cuts are fading, leaving central banks facing tougher trade-offs and raising the risk of stagflation if the conflict intensifies.