Executive Summary BLUF: The Iran war is evolving from a strike campaign into a coercive contest over who determines the acceptable risk and price of navigation through the Strait of Hormuz.The June 2026 memorandum reduced hostilities but did not eliminate Iran’s residual capacity—or political incentive—to threaten commercial traffic.Renewed attacks on 7–8 July 2026 demonstrate that … Leggi tutto Iran War Exit: Hormuz, Attrition and U.S. Overstretch