Edward Fishman joins Rory for a sweeping conversation on the evolution of modern economic warfare, the origins of U.S. sanctions strategy against Iran, and how today’s Strait of Hormuz crisis is reshaping global energy markets in real time. Drawing from his book Choke Points, Fishman explains how sanctions, secondary sanctions, and financial pressure campaigns evolved from quiet Treasury Department diplomacy into one of America’s most powerful geopolitical tools. The discussion also explores why oil prices have remained surprisingly subdued despite major supply disruptions, including the role of Trump’s public interventions, market psychology, and the growing belief that geopolitical risk no longer guarantees an oil price spike. Rory and Eddie debate whether Iran has permanently changed the balance of power in the Persian Gulf by effectively institutionalizing control over the Strait of Hormuz and what that means for global trade, shipping, and future sanctions policy. The conversation revisits the Obama-era sanctions campaign, the collapse of the JCPOA, the rise of shadow fleets and sanctions evasion, and how both China and Iran have adapted to years of American economic pressure. From nuclear negotiations and frozen Iranian assets to tanker tolls, oil inventories, and the limits of American power, this episode connects decades of economic statecraft to the rapidly changing geopolitical landscape investors face today.