By imposing massive costs on the global economy, the Iranian government hopes to cause the US to back downThe US and Israeli decision to attack Iran has sent economic shockwaves around the world. About 20% of global oil supplies have been effectively blocked from transiting the strait of Hormuz sinc e Iran began attacking ships, resulting in a huge jump in oil prices. Militarily, while the United States has the firepower to significantly reduce Iran’s capacity to strike ships in the strait, it is unlikely to be able to eliminate the threat entirely.Reopening the strait, therefore, is not only a question of military capabilities but of diplomacy, and to negotiate it is necessary to understand what each party to the conflict is trying to achieve. Continue reading... ...read more read less