John Authers, Columnist

Markets Have One Clear Iran War Winner — America

Owing largely to positioning before the conflict erupted, the US is reaping the gains.

March 5, 2026 at 4:34 AM UTC

John Authers is a senior editor for markets and Bloomberg Opinion columnist. A former chief markets commentator at the Financial Times, he is author of “The Fearful Rise of Markets.”

There were grounds for a reversal.
Photographer: Michael Nagle/Bloomberg

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It’s still not clear whether the US can win the swift and conclusive victory it wants in Iran. It’s very unclear what the future holds for the country and its regime. And judgments on those huge questions can shift by the minute on news reports.