Hormuz was Iran’s best card, and it’s already been played and lost. What remains is a regime running out of money, running out of allies, and running out of time.

"And if the Strait is not fully closed, Iran’s leverage is weak. Thus, Iran has reasons to escalate."

Airpower temporarily shattered Iran’s arsenal, but the Hormuz Strait proved a harsher truth: the real fight is over the narrow corridor where even a weaker force can bend global…