Reopening the Strait of Hormuz is a difficult military operation that will take weeks to get some tankers through, and for spot markets and insurance rates to normalize could take months.

Closing the Strait of Hormuz is Iran's 'trump card' and the risk of them choking it off could continue for a long time if strikes continue.

China is winning from this conflict, positioning itself as an actor of stability and gaining more material leverage.

Threats to hit Iranian power plants are credible, but Iran can retaliate against energy infrastructure, creating 'mutually assured destruction.'