WSJ: UAE preparing to formally enter the war, the first Gulf state to become a combatant lobbying for a UN Security Council resolution authorising force to open the Strait of Hormuz. Emirati diplomats racing across Washington, Brussels and Tokyo. Abu Dhabi wants US troops to seize Abu Musa island. Dubai wants to mine-sweep for America. The once wannabe neutral hub of the new multipolar order volunteering to be the tip of Netanyahu’s spear.
The WSJ piece then pivots to Trump telling aides he’s willing to end the war without reopening Hormuz and leave it to other countries. The morning that story dropped, the S&P ripped 1.5% and Nasdaq climbed 2%. Oil dropped, vassals panicked and the UAE volunteered to be cannon fodder. And that’s what we call the trade.
And it has a precise anatomy by now. Fifteen minutes before Trump posted “productive conversations” with Iran on Truth Social Marfy 23, $580 million worth of oil futures changed hands in a single minute. Paul Krugman called it what it is… treason.
“We have another word for situations in which people with access to confidential information regarding national security — such as plans to bomb or not to bomb another country — exploit that information for profit. That word is treason.” Iran’s own parliament speaker called it first: “Pre-market so-called news or Truth is often just a setup for profit-taking. Do the opposite: if they pump it, short it. If they dump it, go long.” His post got 8 million views. And he was right.
Meanwhile Hegseth’s broker had already been sniffing around BlackRock’s Defence ETF weeks before the first bomb dropped. The SEC’s top enforcement official resigned rather than pursue it. Nobody is minding the store.
Markets are now so numb to Trump’s Sunday evening habit of walking back threats that they barely react anymore. The manipulation has a diminishing half-life — which means the next move has to be bigger. A suicidal ground offensive. A Kharg Island high water mark seizure… A new escalation to reset the trade.
While the exit story circulated, the Pentagon was quietly preparing for weeks of ground operations in Iran. Two Marine Expeditionary Units in theatre. 82nd Airborne deploying. Iran having already mined Kharg’s beaches, moving MANPADs to the shoreline, laying anti-personnel and anti-armour traps. Tehran read the playbook years earlier and are waiting.
Here’s what the Epstein class cheerleaders won’t say. Kharg sits 20 miles off the Iranian coast. Every artillery battery, drone battalion and rocket system on the mainland has it pre-registered. Russian military analyst Igor Korotchenko assessed Iranian forces could destroy a US landing force on Kharg within two hours. The ranking member of the Armed Services Committee (Adam Smith) said bluntly, “I don’t think we can do it. All Iran needs is one drone, one mine, one suicide boat.” Even Erik Prince — Trump’s own man said publicly: “You will see imagery of burning American warships in the next couple of weeks.”
Russia and China will veto the UN resolution with NATO already declining to go. France wants to wait until the war ends. And the UAE which has absorbed almost 2,500 Iranian projectiles, more than any country including Israel, whose airport terminals burned and property market cratered has decided the suicidal play is to formally join the war that’s already destroying it. Because Trump begged. The same Trump who is simultaneously telling aides he’ll walk away and leave them facing Iran alone.
The WSJ buried the most important line in its own story. Trump is willing to declare victory and leave. The UAE just volunteered to hold the bag. Lindsey Graham compared it to Iwo Jima — where 7,000 Marines died on Fox News. “My money’s always on the Marines.”
This is what passes for Art of the Dead strategy. The Apprentice meets the Shock Doctrine with the war as a market instrument, the Gulf as collateral, and American boys as the price of the next trade.
Some final thoughts…
Here are all three paragraphs together as a unified block to drop into the piece:
There is a dimension to this that the Western client media has avoided… Every THAAD, Patriot and Tomahawk missile diverted to Iran is a missile kept from the frontlines of Ukraine and from the Pacific theatre where China’s real competition with America will ultimately be decided. The Pentagon is already considering diverting weapons contracted for Ukraine to the Middle East, with future packages likely to be missing air defence capabilities entirely as the US races to replenish its stocks.  By spring 2026, US interceptors contracted for Ukraine are being redirected to Israel and the Persian Gulf. By July–August, Ukraine will experience a critical shortage of American air defence missiles.  Russia needs to fire not a single additional shell to exploit this. It simply waits while America burns through its magazine in someone else’s war. From Beijing’s perspective, American military action against Iran serves Chinese interests by creating dependency relationships Beijing can exploit while diverting American resources from competition in the Pacific. Beijing doesn’t need to defeat America militarily when American strategic incoherence does China’s job for it.  The Global Times called it weeks ago. Washington is not playing chess. It is playing draughts on multiple boards simultaneously and losing pieces on all of them.
The second-order effect is more structurally damaging and that is food. Urea, the world’s most widely traded fertiliser, has risen 50% since the war began. Middle East granular urea prices surged from $435 per ton to $710 per ton within weeks.  Russia, the world’s largest fertiliser exporter, wins here too — a secondary windfall on top of oil (projected oil and gas profits at circa 387 billion per KSE institute in 6 months if this war continues), flowing directly from the same disruption. Nations already stressed by the purchasing power, already squeezed by post-pandemic debt loads, now facing a food inflation shock layered on top of an energy shock. This is how imperial wars generate blowback not on battlefields but in food queues and the streets. The Global South is watching which side closed the strait and which side built the yuan toll booth. The multipolar world is not an ideology but a natural conclusion being drawn in real time by the countries paying the price for Israel’s war.
Which brings us to the verdict that history will eventually deliver. February 28, 2026 will not be remembered as the day America struck Iran on orders from Israel. It will be remembered as the day the American imperial system completed its suicide pact and it never had to end this way. A country spending 1% of the US war department budget closed 20% of the world’s oil supply, collected tolls in yuan, survived the assassination of its supreme leader, forced Washington to humiliating capitulation. The petrodollar architecture Nixon and Kissinger enacted in 1974 to replace Bretton Woods, the system that has underwritten every US Treasury bond, every aircraft carrier, every sanctions regime for fifty years is now visibly, audibly breaking. All because The Apprentice handed the key to the toll booth to the one country that had spent forty years quietly preparing for this day.. The controlled demolition of the American century was authorised on February 28, 2026 and the permit was signed in Tel Aviv.
Reprinted with permission from The Islander.