The Wall Street Journal reports:

Before the U.S. went to war, Gen. Dan Caine, the chairman of the Joint Chiefs of Staff, told President Trump that an American attack could prompt Iran to close the Strait of Hormuz.

Caine said in several briefings that U.S. officials had long believed Iran would deploy mines, drones and missiles to close the world’s most vital shipping lane, according to people with knowledge of the discussions.

Trump acknowledged the risk, these people said, but moved forward with the most consequential foreign-policy decision of his two presidencies. He told his team that Tehran would likely capitulate before closing the strait—and even if Iran tried, the U.S. military could handle it.

Now, two weeks into the war, Iran’s leaders have refused to back down, and the Strait of Hormuz has emerged as Tehran’s most potent leverage point.

Iran has blocked tankers from the strait and struck cargo ships, triggering a surge in oil prices and an energy shock rippling around the world. U.S. forces are targeting Iran’s mine-laying ships and factories, trying to prevent the country from lining the waterway with explosives.

The joint U.S.-Israel military operation has killed Iran’s supreme leader, targeted military headquarters and damaged or destroyed more than 90 Iranian vessels.

Yet, the price has been steep. At least 13 Americans have been killed, including six in a crash Thursday of an Air Force refueling plane, making the war in Iran the deadliest military operation of Trump’s two terms. At least 140 Americans have been wounded in the conflict. Roughly 175 people, mostly children, were killed in a strike on a girls’ school in Iran, which a preliminary U.S. investigation found was likely launched by U.S. forces.

The U.S. operation is costing billions of dollars a week. More broadly, the growing risk of a widening and drawn-out war threatens the American economy, raising warnings of stagflation, a quagmire of stagnant growth and high inflation.

Behind Trump’s rationale for war was a deep confidence in the capabilities of the U.S. military to deliver a swift, decisive victory, according to administration officials and others familiar with the matter. The president’s trust in Caine was buoyed by the successful U.S. strikes on Iran’s nuclear sites last year and the January raid that captured Venezuela’s autocratic leader, Nicolás Maduro. [Continue reading…]

Reuters reports:

President Donald Trump’s administration has rebuffed efforts by Middle Eastern allies to start diplomatic negotiations aimed at ending the Iran war that started two weeks ago ​with a massive U.S.-Israeli air assault, according to three sources familiar with the efforts.

Iran, for its part, has rejected the possibility of any ceasefire until U.S. and Israeli ‌strikes end, two senior Iranian sources told Reuters, adding that several countries had been trying to mediate an end to the conflict.

The lack of interest from Washington and Tehran suggests both sides are digging in for an extended conflict, even as the widening war inflicts civilian casualties and Iran’s closure of the Strait of Hormuz sends oil prices soaring. [Continue reading…]

Politico reports:

The war with Iran is driving up more than gasoline prices. It is beginning to hit semiconductors, medical imaging, backyard gardens and even children’s party balloons.

While much of the world is focused on how Iran’s essential closure of the Strait of Hormuz is damaging global energy markets, other key industries risk getting hit by similar price inflation. That’s because Hormuz is also a major shipping route for helium and fertilizer, which both affect a wide sector of the economy and are now experiencing price spikes as ships bottleneck on both sides of the strait.

“The longer it goes on, the more serious it’s going to get,” said Rich Gottwald, CEO of the Compressed Gas Association.

The expected price increases come as the Trump administration attempts to assuage voters’ concerns over cost-of-living, and Republicans worry that the war’s ripple effects will hamstring their prospects in November.

Iran has now effectively blocked ships from crossing the strait, through which 20 percent of the world’s daily oil and natural gas supply travels, inflicting pain on global energy markets by driving the price of crude to roughly $100 a barrel. Iran’s new leader, Ayatollah Mojtaba Khamenei, indicated Thursday that won’t change soon, pledging that “the lever of blocking the Strait of Hormuz must also continue to be used.”

About a third of both the global helium and fertilizer supply passes through Hormuz. Half of the global supply of urea – a nitrogen-based fertilizer– and almost a third of the ammonia supply run through the straits, according to the American Farm Bureau Federation.

Prices are already spiking since global supplies are taking a hit right as many agricultural producers are beginning their Spring plants. Urea prices have jumped 30 percent since the Trump administration began bombing Iran, according to the Fertilizer Institute.

Meanwhile, helium spot prices have doubled since the war began, said Anish Kapadia, CEO of market research firm AKAP Energy. Qatar’s state-run energy firm halted liquified natural gas production in the first days of the war and it is estimated it will take months to get it back up and running. The nation is a major producer of helium, which is a byproduct of liquefied natural gas production. [Continue reading…]

Innovation News Network reports:

Helium’s uses extend far beyond its role in balloons – the material is vital for medical imaging, manufacturing industries, and scientific research.

The significance of helium, the second-most abundant element in the Universe, can hardly be overemphasised. Characterised by its low boiling point, light weight, and non-reactive nature, this noble gas has a myriad of uses that extend far beyond the familiar realm of party balloons and airships. From acting as an indispensable component in medical imaging to playing a critical role in numerous industrial processes and scientific research, the many uses of helium underscore its pivotal place in modern society.

However, despite its abundance in the Universe, helium is relatively scarce on Earth. This rarity combined with its extensive usage raises concerns about potential shortages and emphasises the necessity for conservation strategies. [Continue reading…]