The US war with Iran has halted, with an agreement signed for 60 days of further negotiations, despite President Donald Trump's claims of victory regarding oil flow, Iran's nuclear status, and economic prosperity. An objective analysis reveals a more nuanced picture, with the conflict costing the Department of Defense approximately $40 billion and other agencies $1 billion, per CSIS preliminary data.
The Pentagon requested $80 billion in supplemental funding, with munitions, including about 1,000 Tomahawk missiles at $2.5 million each, the largest expenditure, prompting Trump to invoke the Defense Production Act. The war significantly impacted the US economy, driving gas prices above $4 per gallon and diesel above $5, costing households over $253 extra for gas and $27.1 billion for diesel. The Strategic Petroleum Reserve reached its lowest level since 1983, and global oil supply lost 1.15 billion barrels from the Middle East, straining reserves. Annual inflation surpassed 4%, eating into pay raises and influencing the Federal Reserve's decision to maintain interest rates, impacting mortgage rates. Trump's approval rating dipped to 37%, reflecting low approval for his handling of the economy and Iran.
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