The Hormuz Toll Could Break the World Economy
Stalled in Ukraine and starved of victories, Putin may seek a quick show of force against Armenia or Georgia — small, weakly defended neighbours he could overrun in days to prove Russia still commands fear.
Simon Whistler • May 26, 2026
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Note: this transcript was generated by AI and may contain errors or inconsistencies.
For decades now, the question that has dominated West and thinking about Iran has been whether or not it will build a nuclear weapon. It's come to define a large swath of American policy across bipartisan administrations and has ostensibly been the driving force in both of the air campaigns President Trump launched against the Islamic Republic.
Comparatively, little attention has been paid to the part that may matter more, though.
Iran has revived a long-standing claim of sovereignty over the Strait of Hormuz and begun insisting on tolls that every vessel would have to pay for the right to pass through. This has become a critical component of the regime's calculus.
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