In the ancient contest between great powers over the arteries of global commerce, the Gulf of Oman and Strait of Hormuz have once again become theaters of consequence. The United States struck five Iranian oil tankers it linked to the Revolutionary Guard's shadow financing network, following two Iranian ballistic missile attacks on a US Navy warship — a warship that escaped unharmed. Iran answered with a volley of missiles toward Jordan and issued warnings to commercial vessels across the region, signaling that what began as a military exchange is now reaching toward the economic foundations t