Iran has lost considerable leverage in the Strait of Hormuz. It can’t go on like this forever
That changed a bit earlier this month when the Houthis bombed the Saudi East-West pipeline, temporarily shutting down roughly 7 million barrels of oil flowing to the Red Sea – more than half of which had been diverted from the Strait of Hormuz.
Adding to the recent strait traffic is a return of oil from Saudi Arabia that had been primarily diverted to the Red Sea until Iran-allied Houthis attacked a major Saudi oil pipeline earlier this month.
Iran, unable to get its own oil through the strait because of a US naval blockade, and losing its key source of economic leverage, has ramped up its attacks on oil tankers transiting the Gulf.
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