TURNING POINT: Business as usual

NAAWAN, Misamis Oriental (MindaNews / 29 June) — The ceasefire between Israel and Iran forced by the US bombardment of the latter’s heavily fortified underground nuclear facilities defused the tension in the Middle East and aborted the skyrocketing prices of petroleum products worldwide.

The atmosphere in the Persian Gulf, the primary waterway in the transport of oil from all oil-exporting countries in the region, has remained relatively stable resulting from the ceasefire. The presence of Western naval vessels in the international waters of the Gulf helps in preserving peace, however tenuous.

Iran abandoned its retaliatory move to close the Strait of Hormuz, sensing the impossibility of executing a naval blockade, the immediate consequences of losing friends and making enemies, and the likelihood of an economic embargo.

The threat of US deadly intervention is the sword of Damocles forcing Iran and regional allies to cease rattling their swords.

As long as the US threat delivers, oil will continue to flow steadily to various destinations at reasonable prices. Industries are fueled and the production of goods and services will flourish.

It’s business as usual, very soon, in the Persian Gulf and the Middle East for that matter. Flights to the region will resume. Industries remain fueled and provides work for anyone seeking for it. 

Overseas Filipino workers (OFWs) who were repatriated or have returned home in the advent of the conflict may now go back to their respective workplaces. Their remittances will continue to buoy up the sagging economy of the land.

The nightmare, always unreal, disappears.

(MindaViews is the opinion section of MindaNews. William R. Adan, Ph.D., is retired professor and former chancellor of Mindanao State University at Naawan, Misamis Oriental.)