It is clear at this point who has the leverage: we—the U.S. and Israel—are winning this war. Rather than opening the Strait of Hormuz, Trump is closing it to Iranian shipping. It is unlikely that the Islamic Republic’s military dictatorship can survive this for long. Also in this episode: the China angle of the war, with our guest, the Hudson Institute’s Zineb Riboua. And finally, why Viktor Orbán’s defeat in Hungary matters.