Tikvah
Editors’ Pick

August 19, 2026

The U.S. Has the Upper Hand in the Economic War with Iran—for Now

Washington can press its advantage or face defeat.

Although the Islamic Republic continues to blockade the Strait of Hormuz, the U.S. has not seen skyrocketing gas prices, and the global economy hasn’t been sent into shock. Meanwhile, Iranians are facing serious gasoline shortages, since their country—despite its vast oil reserves—must import the refined product from abroad. Aaron MacLean examines the state of what has now become a largely economic conflict, beginning with an explanation of why the Iranian blockade hasn’t done more damage:

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