Tehran Takes the Strait — and the Premium

March has turned into a month of hard power tests for Iran – and so far, it has been quietly exceeding expectations. By effectively blocking the Strait of Hormuz to all but its own cargoes (or the ones that have received their approval), Tehran has demonstrated that the trajectory of the conflict is far from being dictated by its counterparts. Faced with the risk of acute shortages in medium-sour crude, the US administration has been forced into a partial sanctions retreat, allowing Iranian barrels already at sea to re-enter the market. The…