As Iran Loses This War, Global Power Balance Is Shifting

Key Points:

• After nearly 60 days of conflict with Iran, Victor Davis Hanson argues that Iran is economically crippled, losing about $500 million daily due to oil export restrictions and facing an imminent halt in oil production unless it rapidly builds new storage facilities.
• Hanson asserts that the military aspect of the conflict is effectively resolved by the U.S., and the remaining challenge is political: whether the U.S. will push for Iran's unconditional surrender or accept a prolonged economic strangulation.
• The strategic importance of the Straits of Hormuz is expected to decline as key OPEC members like the UAE and possibly Saudi Arabia consider leaving the cartel to increase oil production, which would lower global oil prices and weaken Iran further.
• China and Russia are portrayed as losing influence due to the conflict, with China’s ambitions in Taiwan deterred by U.S. military capabilities and Russia suffering losses in the Middle East and Ukraine, while Europe is criticized for its lack of support and unwillingness to participate actively in the conflict.
• Hanson concludes that despite criticism from the American Left, the Trump administration has largely achieved its goals of neutralizing threats from Iran and Venezuela, and with economic policies set to take effect, the U.S. may see a stronger economy and reduced foreign threats in the near future.