Iranian naval exercises in the Strait of Hormuz are signaling Tehran’s threat of a blockade of the Strait of Hormuz, through which one-third of the world’s oil passes. Iran has made this threat before, and has not carried it out, but today Tehran's back may be against the wall because its citizens have lost their fear of their rulers and the U.S. is prosecuting an economic war against the regime. Though a prolonged closure could deal a harsh and enduring setback to the global economy, the Iranians have
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