Bangladesh, April 21 -- In the shifting geopolitical terrain of the Middle East, few questions are as consequential as whether Iran is losing its most potent regional asset-Hezbollah-or simply redefining its role. At first glance, the mounting pressures on Hezbollah might suggest erosion: intensified Israeli military operations, growing domestic criticism in Lebanon, and increasing diplomatic marginalization. Yet a closer, more structural reading points to something more nuanced. Iran is not discarding the Hezbollah card; it is repositioning it within a broader, more complex strategic framework.

For decades, Hezbollah has been central to Irans projection of power across the Levant. Since its formation in the 1980s, the group has function...