Chugging Along

Richard Hanania says closing the Straits of Hormuz was supposed to be a doomsday scenario, but things are just chugging along. 

I'm not a geography or geopolitical expert, but in the long run, closing the Straits will hurt Iran's leverage the most, I imagine. Why? Because once they act on the threat, the rest of the world will counteract with contingency planning. So if I were KSA or UAE, I'd invest in major oil pipelines to the Med or Red Sea - essentially expanding what I already have.

If I were in Asia, I'd start buying gas from the US or Canada. Or invest in renewables. And so on. Iran crashes their own leverage in the long run.