Mixed Signals

As the U.S.-Israel-Iran war marches on, oil prices keep shuffling.

Crude oil prices spiked to almost $120/barrel Monday—its highest since Russia invaded Ukraine in 2022. The spike came in response to Iran choking out oil tanker traffic in the petrol-packed Strait of Hormuz (see map), and President Trump commenting that high oil prices would be a “small price to pay” for battlefield gains.

By Monday afternoon, prices retreated below $90/barrel following reports that G7 nations may soon release oil reserves into the marketplace and Trump’s announcement that the U.S.-Israel-Iran hostilities—which he called a short-term “excursion”—could be over “very soon.”

Meanwhile, Defense Secretary Hegseth said yesterday would be the “most intense" day of strikes yet and that the Pentagon was giving Trump the “maximum options” for conducting the conflict. 

CHRISTIAN RESPONSE
War brings destruction to everything it touches—lands, people, governments, and economies—but our God is the Great Restorer. As we look forward to the future restoration of all things, pray that the Middle East would experience a taste of that restoration today and glorify the Messiah Jesus.

“On this mountain… up death once and for all. The LORD GOD will wipe away the tears... On that day it will be said, ‘Look, this is our God; we have waited for him, and he has saved us. This is the LORD; we have waited for him. Let’s rejoice and be glad in his salvation.’” 
Isaiah 25:7–9 (CSB) (read full passage)