Strait of Hormuz shows how everything is now about leverage

Iran's blockade of the Strait of Hormuz has doubled the price of a barrel of crude oil, impacting global economies. The strategic location, which carries around 20% of the world's oil and liquefied natural gas, has given Iran a strong negotiating position. This demonstrates a principle of game theory, where a country's strength depends on its ability to withstand a conflict and its impatience to resolve it