Iran war’s most precious commodity isn’t oil | Javier Blas Mar 9, 2026 Mar 9, 2026 Updated Mar 9, 2026 Facebook Twitter WhatsApp SMS Email Print Copy article link Save The CIA calls it the “strategic commodity” of the Middle East. But it’s not referring to oil or natural gas. Javier Blas kAm(92E E96 p>6C:42? DAJ 286?4J 92D :? >:?5 :D 72C >@C6 AC@D2:4i 5C:?<:?8 H2E6C] s@?’E F?56C6DE:>2E6 :E] x7 >:=:E2CJ 9@DE:=:E:6D 4@?E:?F6 E@ 6D42=2E6[ H2E6C 4@F=5 364@>6 E96 86@A@=:E:42= 4@>>@5:EJ E92E 564:56D E96 H2C 36EH66? E96 &]$] 2?5 xC2?]k^AmkAm%96 !6CD:2? vF=7 :D 8:7E65 H:E9 2 723F=@FD 9J5C@42C3@? 6?5@H>6?E[ H@CE9 EC:==:@?D @7 5@==2CD] (92E :ED 56D6CE:4 4@F?EC:6D 5@?’E 92G6 :D H2E6C] uC@> E96 `hf_D @?H2C5[ E96 @:= >@?6J 3@F89E 2 D@=FE:@?i 56D2=:?2E:@? A=2?ED] %@52J[ E96 C68:@? C6=:6D @? ?62C=J cd_ 724:=:E:6D E@ DE@A 6G6CJ@?6 7C@> 8@:?8 E9:CDEJ]k^Am People are also reading… Lake Geneva restaurant owner honored for quick response Lake Geneva recommends $580,000 bid for street improvements Lake Geneva BID presents awards during annual meeting Lake Geneva considers speed bumps for slowing down traffic Riga-Tony’s serves Italian with style, fun and flair Democratic-backed Chris Taylor wins seat on Supreme Court Look Ahead: Happy Easter in Lake Geneva! Plus a best-selling author visit & local live music Lake Geneva receives update on Hillmoor Zone 1 project Trump issues an expletive-filled threat against Iran as details of US aviator's rescue emerge Madison man arrested after $3.6M in meth found in vehicle by Illinois State Police Immigrants seeking asylum are ordered to countries they've never been to, but end up stuck in limbo Cole Caufield becomes 2nd former Wisconsin player to score 50 goals in an NHL season In an unprecedented group of Frozen Four goalies, Wisconsin men's hockey's Daniel Hauser stands out Wisconsin men's basketball just what Australian guard 'was looking for' Trump issues fiery new threat against Iran as details of US aviator's rescue emerge The 'peace president' was right to go to war | Peter Doran President Donald Trump entered his second term promising to measure America’s success not only by the battles we win but the ones we end. Oper… kAm%96 &]$] r6?EC2= x?E6==:86?46 p86?4J 92D 366? 3C:67:?8 p>6C:42? A@=:4J>2<6CD 7@C 564256D @? E96 :?96C6?E C:D< @7 C6=J:?8 @? E9@D6 A=2?ED 7@C DF49 2 4CF4:2= DFAA=J] x? 2 D64C6E 2DD6DD>6?E :? E96 62C=J `hg_D — D:?46 564=2DD:7:65 — E96 rxp D2:5i “$6?:@C 8@G6C?>6?E @77:4:2=D :? D@>6 @7 E96 4@F?EC:6D A6C46:G6 :E ,H2E6C. 2D >@C6 :>A@CE2?E E92? @:= E@ E96 ?2E:@?2= H6==\36:?8]”k^AmkAm|@C6 E92? 7@FC 564256D =2E6C[ ?@E >F49 92D 492?865] s6D2=:?2E:@? C6>2:?D 2 C6=2E:G6=J 4@DE\67764E:G6 E649?@=@8J E@ EC2?D7@C> D62 H2E6C :?E@ 5C:?<:?8 H2E6C] %96 5@H?D:56 :D E96 GF=?6C23:=:EJ @7 E96 :?DE2==2E:@?D[ 2?5 E96 @:= 2?5 82D 4@?DF>AE:@? C6BF:C65 E@ 7:C6 E96 A@H6C 86?6C2E@CD E92E CF? E96 A=2?ED]k^Am Listen now and subscribe: Apple Podcasts | Spotify | Stitcher | RSS Feed | SoundStack | All Of Our Podcasts Attack on Iran hurts economy, trust, chance for peace | Damian Murphy and Andrew Miller Few will mourn the demise of Iran’s supreme leader or other senior Iranian security officials who terrorized the Iranian people and destabiliz… kAmp3@FE `__ >:==:@? A6@A=6 =:G6 :? E96 4@F?EC:6D 36=@?8:?8 E@ E96 vF=7 r@@A6C2E:@? r@F?4:= — $2F5: pC23:2[ zFH2:E[ q29C2:?[ "2E2C[ E96 &?:E65 pC23 t>:C2E6D 2?5 ~>2? — 2== ?@H F?56C xC2?:2? 2EE24<] zFH2:E[ "2E2C 2?5 E96 &pt 2C6kDA2? 4=2DDlQAC:?E0EC:>Qm[ 7@C 2== AC24E:42= AFCA@D6D[ 4@>A=6E6=Jk^DA2?m 56A6?56?E @? E96 56D2=:?2E:@? A=2?ED[ A2CE:4F=2C=J 7@C >6EC@A@=:D6D DF49 2D sF32:] $2F5: pC23:2 2?5 :ED 42A:E2=[ #:J259[ 2=D@ C6=J 962G:=J @? E96>]k^Am kAm&?56C :?E6C?2E:@?2= =2H[ E96 56D2=:?2E:@? A=2?ED 2C6 AC@E64E65] qFE kDA2? 4=2DDlQAC:?E0EC:>Qmx 92G6 D66? 6?@F89 |:55=6 t2DE6C? H2CD E@ <?@H E96 H6:89E @7 E96 v6?6G2 r@?G6?E:@?D H96? >:DD:=6D 2?5 3@>3D DE2CE 7=J:?8] p?5 E96J 2C6ik^DA2?m xC2? 92D 2EE24<65 2 A@H6C DE2E:@? :? uF;2:C29[ &pt[ E92E <66AD @?6 @7 E96 H@C=5’D =2C86DE 56D2=:?2E:@? A=2?ED CF??:?8] x? zFH2:E[ 563C:D 7C@> 2 5C@?6 :?E6C46AE:@? 42FD65 2 7:C6 :? @?6 @7 E96 4@F?ECJ’D A=2?ED]k^Am kAm%96 C:D< :D 6?@C>@FD] %2<6 E96 yF32:= 56D2=:?2E:@? A=2?E[ =@42E65 @? E96 !6CD:2? vF=7 4@2DE @7 $2F5: pC23:2] xE DFAA=:6D #:J259[ G:2 2 C@F89=J d__\<:=@>6E6C\=@?8 A:A6=:?6 DJDE6>[ H:E9 >@C6 E92? h_T @7 :ED 5C:?<:?8 H2E6C] “#:J259 H@F=5 92G6 E@ 6G24F2E6 H:E9:? 2 H66< :7 E96 A=2?E[ :ED A:A6=:?6D[ @C 2DD@4:2E65 A@H6C :?7C2DECF4EFC6 H6C6 D6C:@FD=J 52>2865 @C 56DEC@J65[” 244@C5:?8 E@ 2 a__g >6>@ 7C@> E96 &]$] 6>32DDJ :? E96 <:?85@> C6=62D65 3J (:<:=62<D] “%96 4FCC6?E DECF4EFC6 @7 E96 $2F5: 8@G6C?>6?E 4@F=5 ?@E 6I:DE H:E9@FE E96 yF32:= 56D2=:?:K2E:@? A=2?E[” E96 >6>@ DE2E65]k^Am kAm$:?46 E96 423=6 3642>6 AF3=:4[ E96 $2F5:D 92G6 C6:?7@C465 E96:C H2E6C ?6EH@C<] ~E96C 4@F?EC:6D 92G6 2=D@ 3F:=E FA C65F?52?4J] $E:==[ 2== E96 H2E6C A=2?ED 2C6 6BF2==J GF=?6C23=6 — 2?5 2== @7 E96> 2C6 H:E9:? C2?86 @7 E96 xC2?:2? >:DD:=6D] %96 8@@5 ?6HD :D E92E H2E6C :D D@ DEC2E68:4 — 2?5 D@ 9F>2? — E92E 2?J xC2?:2? 5:C64E 2EE24< @? E96> H@F=5 36 4@?D:56C65 2 >2DD:G6 6D42=2E:@?[ D@ A6C92AD :D 2 DE6A E@@ 72C 7@C %69C2?]k^Am kAm$E:==[ xC2? 5@6D?’E 92G6 >2?J @AE:@?D E@ AC6G2:=] |:=:E2C:=J[ :E 42??@E 6D42=2E6 282:?DE E96 4@>3:?65 xDC26=:\p>6C:42? H2C >249:?6] xED @?=J @AE:@?D 2C6 9F?<6C 5@H?[ :? E96 9@A6 E92E 2 =@?8\=2DE:?8 4@?7=:4E 364@>6D 64@?@>:42==J E@@ A2:?7F= 7@C :ED 6?6>:6D[ @C 8@ 27E6C D@\42==65 D@7E E2C86ED =:<6 6?6C8J D:E6D[ 2:CA@CED 2?5 H2E6C :?DE2==2E:@?D] kDA2? 4=2DDlQAC:?E0EC:>QmuC@> :ED 24E:@?D[ :E’D 4=62C E96 xD=2>:4 #6AF3=:4 92D 49@D6? E@ 9:E D@7E E2C86ED 2?5 9F?<6C 5@H?[ 9@A:?8 E@ @FE=2DE E96 2DD2F=E]k^DA2?m &=E:>2E6=J[ E96 xD=2>:4 #6AF3=:4 D66D DFCG:G:?8 2D H:??:?8 — 6G6? :7 G:4E@CJ 4@>6D H:E9 :>>6?D6 =@DD6D]k^Am kAmpEE24<:?8 D6G6C2= @7 E9@D6 56D2=:?2E:@? A=2?ED H@F=5 AFE !6CD:2? vF=7 4@F?EC:6D :? 2? :>A@DD:3=6 D:EF2E:@?] kDA2? 4=2DDlQAC:?E0EC:>Qm~FED:56 >:=:E2CJ 4:C4=6D[ E96 |:55=6 t2DE6C? H2E6C 56D2=:?2E:@? A=2?ED C646:G6 =:EE=6 D4CFE:?Jj :E’D 2=>@DE 2 E23@@ DF3;64E] xE >2<6D D6?D6i xE’D 5:77:4F=E E@ 36=:6G6 E92E D@>6@?6 H@F=5[ 56=:36C2E6=J[ E2C86E D@>6E9:?8 D@ 6DD6?E:2= E@ 9F>2? =:76]k^DA2?mk^Am kAmkDA2? 4=2DDlQAC:?E0EC:>QmqFE :7 H6 92G6 =62C?65 2?JE9:?8 @G6C E96 =2DE 76H J62CD :E :D E92E E96 F?E9:?<23=6 92AA6?D] #6>6>36C #FDD:2 D96==:?8 E96 +2A@C:K9K9:2 ?F4=62C A@H6C A=2?E :? D@FE962DE6C? &<C2:?6[ E96 =2C86DE :? tFC@A6n (@CD6[ A6C92AD[ E96 9:DE@CJ @7 E96 |:55=6 t2DE E62496D FD E92E E96 F?E9:?<23=6 92D 2=C625J 92AA6?65 H96? :E 4@>6D E@ H2E6C DFAA=:6D] q24< :? `hh`[ E96 xC2B: EC@@AD F?56C $2552> wFDD6:? 56=:36C2E6=J @A6?65 E96 E2AD @7 2 <6J zFH2:E: @:= A:A6=:?6[ DA:==:?8 E96 4CF56 :?E@ E96 !6CD:2? vF=7] %96 2:> H2D EH@7@=5i 92>A6C 2? 2>A9:3:@FD =2?5:?8 3J E96 &]$] 2?5 :ED 2==:6D E@ =:36C2E6 E96 4@F?ECJ[ 2?5 A@==FE6 E96 D62 :? E96 9@A6 @7 52>28:?8 E96 ?62C3J $2F5: 56D2=:?2E:@? A=2?ED]k^DA2?mk^Am kAm{6E’D 9@A6 E96 xD=2>:4 #6AF3=:4[ 766=:?8 4@C?6C65 2?5 7:89E:?8 7@C :ED @H? DFCG:G2=[ 5@6D?’E kDA2? 4=2DDlQAC:?E0EC:>QmC6D@CE E@ E96 G6CJ D2>6 E24E:4D :ED @?46 2C496?6>J $2552> FD65] qFE E96 C:D< :D C62= — H96E96C 3Jk^DA2?m E2C86EkDA2? 4=2DDlQAC:?E0EC:>Qm:?8k^DA2?m 56D2=:?2E:@? A=2?ED 56=:36C2E6=J[ @C 3J 244:56?E 5F6 E@ 2 DEC2J >:DD:=6 @C 5C@?6] ~:= :D 6DD6?E:2=] qFE H2E6C :D :CC6A=24623=6]k^Am Blas is a Bloomberg columnist and coauthor of “The World for Sale: Money, Power and the Traders Who Barter the Earth’s Resources.” Catch the latest in Opinion Get opinion pieces, letters and editorials sent directly to your inbox weekly! Sign up! * I understand and agree that registration on or use of this site constitutes agreement to its user agreement and privacy policy. Related to this story 19 political cartoons target the war in Iran The nation's top cartoonists react to the U.S. and Israel's war with Iran.
The 'peace president' was right to go to war | Peter Doran President Donald Trump entered his second term promising to measure America’s success not only by the battles we win but the ones we end. Oper…
Attack on Iran hurts economy, trust, chance for peace | Damian Murphy and Andrew Miller Few will mourn the demise of Iran’s supreme leader or other senior Iranian security officials who terrorized the Iranian people and destabiliz…
19 political cartoons target the war in Iran The nation's top cartoonists react to the U.S. and Israel's war with Iran.