Existential attrition: Iran’s closure of the Strait of Hormuz

“The geopolitical genie is out of the bottle: by capitalizing on geography to disrupt global trade, countries can strengthen their strategic position at relatively low cost.” Alex Mills, The Atlantic Council, March 12, 2026 With each day of glorified actions against Iran, with each cloudy press session claiming supreme success through sheer force, the Trump administration is struggling to keep up appearances.  Through an approach of existential attrition, the clerical regime in Tehran is now causing shocks and tingles in the global market, striking where influence is strongest: the petrol pump, the cash register, the hip pocket.  Its missiles, drones or projectiles may not be able to reach the United States or Australia, but a note of panic is setting […]