Iran views control of the Strait of Hormuz as a vital strategic asset. This waterway is now a higher priority than its nuclear program. Recent actions have led to exchanges of fire with the United States. An interim peace deal's wording on the strait remains a point of contention. Iran refuses nuclear talks until its Hormuz management is accepted.

By Parisa Hafezi and Angus McDowallDUBAI, July 8 - Control over the Strait of Hormuz has become a "golden weapon" to Iran, for which it is willing to risk new escalations with the…

The fate of the strait is directly linked to what happens next to the world economy.