![A crude oil tanker in the Strait of Hormuz]() Kim Soo-hyeon/ReutersIran tested the limits of the ceasefire today and will pay an economic price for it. The US revoked a license that allows Tehran to sell its oil after regime forces fired on at least three commercial vessels traveling through the Strait of Hormuz. In
the last two weeks, Iran has targeted tankers following US-approved
routes through the strait that avoid its waters by hugging the Omani
coast. Iran’s leaders have argued they should have total control over
all traffic through the waterway — a leverage point in negotiations with
the United States. Commercial data
shows trade declined after the regime’s attacks two weeks ago, but Iran
hasn’t managed to bring shipping to a standstill. In the long run,
Iran’s actions could even backfire, as neighbors are pumping billions into pipelines, rail systems, and other shipping alternatives to bypass the strait altogether. |