With Donald j. Trump two weeks away from returning to the White House, Iran and its Islamic Revolutionary Guards Corps (IRGC) fear that recent setbacks could open a Pandora’s box.

Israel’s puncturing of Swiss cheese-sized holes in the Iran-backed Axis of Resistance has upended the Islamic Republic’s forward defence strategy, raised questions about the future of the IRGC’s Quds Force, its foreign operations arm, and risks turning Iran into a tradeable geopolitical commodity.