Trump's Iran war landed in the price of everything that moves. Oil is heading back toward $100 a barrel, Axios wrote Thursday — Brent touched $99.38 by 8 a.m. Eastern. Diesel futures hit their highest price since 2022. And the Dutch central bank pulled 78.7 tons of gold out of New York. Each one is the same story, told in a different currency.
The bond market felt it first. Wars cost money and burn fuel; both feed inflation, the one thing lenders fear, so the people who lend America money charge more. The 10-year Treasury yield hit 4.818% Wednesday, its highest since November 2023. Thursday morning it eased to 4.77% as the selloff paused — "Global Bond Retreat Slows," Bloomberg wrote at 8:28 a.m. GMT. The pause is real; so is the level. Narativ reported Wednesday that the war deepens a crash Trump built himself ("War Deepens the Bond Crash Trump Built," September 2).
Trump says the renewed campaign against Iran won't last long. His Pentagon built the opposite: Pete Hegseth extended deployment timelines across the Middle East into 2027, the Wall Street Journal reported — about 50,000 troops staying, "in part to give the president flexibility on next steps," backed by 19 warships and two aircraft carriers. Military leaders wrote to families of the 82nd Airborne that their soldiers could stay "well into 2027." Those letters landed on kitchen tables, not podiums.
