Sri Lanka, June 10 -- Freedom of navigation has been reduced to nearly zero since March 1 with commercial transits at a fraction of pre-war levels. Both Iran and later the US have imposed blockades but Tehran has the whip hand for now. You can have the most formidable military in the world, and the US does, but against an agile enemy playing on home turf, force alone cannot drive the threat down to a level that will be tolerated by shipping companies. First the Houthis, and now Iran, have proven this beyond doubt.

Going after the regime and their nuclear capabilities are noble ambitions, but unless you factor in the Hormuz problem from the outset then there is a risk that you will become stuck. Anyone who has ever been there or planned ...