Tehran's Trifecta

July 23, 2026

Collateral damage following the U.S.-Israel attacks against Iran continues to spread. The Strait of Hormuz is open, then closed, and oil prices yo-yo in markets, causing global economic turbulence. Iran’s ruthless regime defends itself and retaliates, the U.S. escalates, and the shooting war draws more nation-states in the region into the conflict. Ironically, Trump is winning the “war” but is losing the support of America’s public and allies; while Iran is losing the war but winning the battle for Hormuz and holding the world economy and oil prices hostage. This week, Tehran piled on further by getting its Houthi militants in Yemen to close the Red Sea to shipping by blocking its Bab al-Mandeb Strait. This creates a “double chokepoint” that will send shockwaves through the economy and be catastrophic for global trade and energy markets. What is the solution, what’s next, and who are the players?