It used to be that the drums of war would boost the economy.  When that war would involve the Strait of Hormuz not so much.

Why? This:

“every $1 per barrel rise in oil decreases U.S. GDP by $100 billion per year and every 1 cent increase in gasoline decreases U.S. consumer disposable income by about $600 million per year.”

The rumors of an attack on Iran’s nuclear installations was enough.