The thinking goes something like this: Iran has extended its control over the world’s oil markets by effectively closing the Strait of Hormuz, a waterway through which most Persian Gulf exports must travel. The Iranian regime has made an exception for tankers carrying its own oil, and has reportedly exported at least 16 million barrels since the war began. But other Gulf nations have been largely unable to move their oil, and the effect has been an increase in Iranian revenue as the price of crude oil goes higher. The Iranians have reinforced this outcome by targeting pipelines on the Arabian Peninsula, which bypass the Strait of Hormuz. And the Iran-allied Houthis in Yemen have the capacity, if they so choose, to shut down the Bab el-Mandeb Strait, between the Red Sea and the Gulf of Aden, potentially closing off the Suez Canal.