It’s slowly becoming clear that one reason the Iranians are squeezing every last drop of leverage out of their Hormuz closure is that, contrary to the impression many of us had at the outset of this conflict, they will never have this much leverage again. That is not necessarily because of any brilliant military or diplomatic strategy deployed against Tehran. It’s just the way the world works. “The genie is out of the bottle,” as Hamad Hussein of Capital Economics told the Wall Street Journal .