I agree with you that there will be very significant political results, I was mainly looking at the US economic impacts - financial markets vs. the real economy of goods, services and jobs.
The sudden end of an inflow of petro-dollar profits into our financial markets will take some steam out of them, and may cause prices to crash for a while. Domestic consumers and producers will benefits from lower costs.
I agree that Russia and Iran will be under a lot of pressure. Venezuela may be the first to crack.
Risky? Yes, no doubt. But the risk is much higher to some of the most Anti-American regimes on Earth than it is to us. Better that they are weakened than strengthened. In many ways, they can least afford to risk striking out at us when they are in financial crisis.
Well put. The financial markets are a mirage, a lie basically. The only reason they went nuts since 2008 was the transfer of $4 Trillion by the Fed. The real economy you spoke of is reeling, and so are most Americans.