What price Hormuz?

[HONG KONG] A partial reopening of the Strait of Hormuz may be on the horizon. But is a lasting regional settlement any closer?

The prevailing narrative is that the US has lost control over the situation in the Persian Gulf. And it is certainly true that Iran has acquired a powerful card – the ability to threaten shipping in the Strait – that it did not previously hold.

In that sense, the balance of power in its relationship with the US has shifted towards Iran.