The Gray Swan Above the Strait: Power, leverage, and the illusion of control in Hormuz

The Strait of Hormuz is a crucial artery for global oil supply, and Iran leverages its strategic importance in the region to exert influence. The US and China each impact regional instability through military response and energy demand, creating a complex triangular dynamic. Hormuz is not a problem solvable through technical solutions, but rather requires continuous negotiation and adjustment.