The damage rising prices could do to consumer and business confidence is a real cause for concern. So far, financial market reaction – including oil prices – has been measured. In combination with rising prices, it equals stagflation – the worst of potential economic scenarios. There might be a cap on how far Trump can allow oil prices to rise based on domestic political blowback. The factors that might determine the timing of Trump’s inevitable “mission accomplished” speech will be oil prices, financial markets, US inflation and, ultimately, political polls.

Source: New Zealand Herald March 07, 2026 19:06 UTC