For months, markets focused on the obvious losers. Iran suffered devastating infrastructure damage. Israel failed to achieve many of its strategic objectives. The United States...
Donald Trump now wants to guide ships through the Strait of Hormuz. After weeks of blockade, counter-blockade, threats, oil shocks and diplomatic theatre, Washington has...
The American strategy in Iran was meant to be simple: apply pressure, choke the regime, force concessions, reopen the Strait of Hormuz, and then declare...
Washington would like the world to believe that the worst is over. The reality is less comforting. A fragile pause has been announced, diplomats are...
The war has entered its second month, and what is becoming visible now is not American strength, but American exposure. Over the weekend, missile strikes...
Wars are often measured in territory, in tonnage, in casualty reports and communiqués. But the real violence begins when the pipes stop flowing. What is...