Global economy and super funds hit by Trump’s war in Iran

After a week-long US-Israeli war against Iran and a year of economic mismanagement by Donald Trump, two numbers stand out: Oil is now above $100 a barrel, and the US economy lost 92,000 jobs in February.

Or, to use a term from the 1970s, stagflation, aka rising inflation and unemployment.

Following the bombing of Iran, crude oil futures accelerated on Friday, rising 11% to 13%, and then rose above US$100 yesterday. Trump does not appear to have a specific goal for the attack — other than perhaps to further divert attention from the Epstein files — and his failure to rule out a dramatic expansion of the war, including sending in troops, has further fueled uncertainty.