Strait of Hormuz

Iran’s attempt to weaponise the Strait of Hormuz has economically backfired

By seeking to control the critical waterway, Tehran attempted to hold the global economy and the Arab Gulf states hostage. Instead, it has been inflicting the greatest damage on itself – and on the Asian markets upon which its remaining oil exports depend

5 min read

July 22, 2026 14:14

A cargo ship off coast of the Khor Fakkan Container Terminal, one of the major container ports in Sharjah Emirate, on June 28, 2026. (Image: Getty Images)

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Strait of Hormuz

Trump’s economic siege of Iran may serve Israel – but not Netanyahu

US and Iran exchange fire for the first time since July

For Iran, Trump’s ‘Economic D-Day’ poses a greater existential threat than military action

The US is winning the battle for the Strait of Hormuz – here’s how

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More from Strait of Hormuz

Iran’s attempt to weaponise the Strait of Hormuz has economically backfired

Trump labels Iran ‘scum’ and declares ceasefire ‘over’ after Gulf strikes

Iran demands ships apply to use Strait of Hormuz and hints at future tolls

Agreement with Iran ‘largely negotiated’, Trump says