US loosens Iran's grip on Strait of Hormuz but the war is not over
The United States has succeeded in loosening Iran's grip over the Strait of Hormuz while virtually shutting down Iran's own exports. But the conflict is far from over and remains costly for both sides. The economic pressure on Iran has yet to spark an uprising. And its leaders may choose military escalation instead of backing down. The price of Brent crude surged above $100 on Wednesday. The U.S. military deployment to maintain a blockade and help ships through the strait is costly.
Iran-backed Houthi rebels in Yemen are meanwhile stepping up attacks on Saudi Arabia. That injects even more uncertainty into global oil markets.
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