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"Iran War Spirals, Trump Can’t Fool Markets Forever". Image by Grok
By Harrison Berger, The American Conservative, March 28, 2026
Harrison Berger is a correspondent at The American Conservative. He has contributed to Drop Site News, The Nation, and Responsible Statecraft. Previously, he was a researcher and producer for System Update with Glenn Greenwald. His work focuses on civil liberties and U.S. foreign policy. He studied Political Science and Russian Studies at Union College (NY).
The president has tried to contain economic turmoil by creating a false impression of diplomatic progress.
One of the most bizarre contradictions of Trump’s war on Iran has been the wide gap between the scale of the war’s disruption to energy infrastructure and shipping and the surprisingly muted response from financial markets. Iran has made clear that its strategy is to impose severe economic pain on the United States, Israel, and the wider global system by keeping the Strait of Hormuz shut. If that threat were being fully priced in, argues the author Matt Stoller on Substack this week, oil prices would likely be far higher and equities far lower.
Instead, despite the possibility of a historic supply shock, markets have remained comparatively calm, with the price of Brent crude oscillating rather than surging steadily. Stoller offers a convincing explanation for recent market behavior, arguing that it is the consequence of the Trump administration’s broader war strategy to manipulate the markets through coordinated propaganda. …
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