The Globe and Mail reports in its Friday, March 13, edition that the price of West Texas Intermediate crude oil has declined from its recent high of $120 (U.S.) a barrel. The Globe's guest columnist Dylan Smith writes that President Donald Trump claimed the war in Iran is mostly complete, although he acknowledged it is not fully won and may worsen. Rising gas prices are affecting his approval ratings and his party's strategies ahead of the midterm elections as he seeks to showcase a victory and return to normalcy. It remains unclear how the strategic objectives outlined by Mr. Trump and his administration will be achieved, complicating a dignified withdrawal, while Israel continues its offensive. Iran has realized that the global economy hinges on the Strait of Hormuz, granting it significant geopolitical leverage that can be exploited with inexpensive drones or by mining the strait. Rising oil prices are a real possibility. While supply increases and strategic reserve releases might limit extreme fluctuations, we should be cautious about the risk of sustained $100 (U.S.)-a-barrel oil. Canada would likely fare "better than most countries" in such a scenario, though perspectives vary among Canadians due to differing impacts on individuals.