Many analysts predict that oil prices and general inflation will go back down after the Iran war ends. This episode argues that's wrong, for three main reasons: First, a hostile posture will continue for the next generation even if the bombing stops. There is no real off-ramp into long-term peace. Second, world authorities have already tried unprecedented measures to hold prices down and failed. Third, governments and major corporations will now want their own petroleum reserves, which will take years to build up, so there will be extra buying for a long time, pushing up prices.