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Will the Iran conflict end in checkmate or stalemate?

Much is uncertain, now with the Strait of Hormuz’s vulnerability apparent and key issues still unresolved

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    • The Strait of Hormuz is serving as one giant chessboard, and there is a growing sense that the endgame in the Iran war is in sight.
    • The Strait of Hormuz is serving as one giant chessboard, and there is a growing sense that the endgame in the Iran war is in sight. PHOTO: REUTERS
    John Woods

    John Woods

    Published Fri, Apr 17, 2026 · 05:21 PM

    SHAH mat – a Persian phrase dating back to AD 600 and meaning (approximately) “the king is helpless” – evolved over subsequent centuries into “checkmate”, uttered by the winner to the losing player in the game of chess.

    With the Strait of Hormuz serving as one giant chessboard and a growing sense that the endgame in the Iran conflict is in sight, it is impossible not to wonder how the final few moves will be played out.

    Will the crisis conclude in a draw, checkmate or stalemate? This is the critical question that politicians and markets are grappling with right now.

    Rethinking MattersIran waroilS&P 500

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