As a result of the Iran conflict and U.S. actions in Panama and Venezuela, American control over global oil supplies has expanded significantly, while the power of Iran, Russia, and China has declined. The ongoing U.S.-Iran war has closed the Strait of Hormuz, the narrow waterway through which approximately 20% of the world’s oil and liquefied natural gas normally transits daily, triggering the largest energy supply disruption in the history of global oil markets. The closure has paralyzed China’s Belt and Road shipping infrastructure, eliminated Iran’s primary source of government revenue, and forced the world’s buyers to seek reliable alternative suppliers. Whether by design or by a convergence of fortuitous circumstances, President Trump has used the war and its economic pressure points to position the…
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