Nobel Prize-winning expert issues grim prediction for Iran war's impact on US economy

A Nobel Prize-winning economist has warned that the war with Iran will spike the price of a US commodity in the next few days.

It all depends on whether the Strait of Hormuz remains closed, with many financial analysts hoping to see the passage for the Persian Gulf to open in the next few days. If it does not, Paul Krugman believes there will be a skyrocket in the price of oil in the US. This comes after Donald Trump's order to strike Iran, with a bombing campaign on the Middle Eastern country set to affect prices at home.