Donald Trump returned to power in Washington with two major foreign policy promises: to end the war in Ukraine “in 24 hours” and to keep his country out of more “forever wars.” Almost two years after his decisive electoral victory, the Russian invasion continues with no sign of a quick end, and the United States has plunged itself into yet another hornet’s nest in the Middle East. Two conflicts of unpredictable outcome have pushed fossil fuel costs to historic highs worldwide and are increasing doubts about whether — with price signals distorted — supply chains will withstand the pressure.

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