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Rudyard and Janice believe we have entered into a critical moment in this war and it is playing out in the Strait of Hormuz. This conflict is now about energy: who controls the flow of energy and who can better withstand the pain of higher energy prices. If neither side is willing to back down, the only outcome in this story is escalation. Meanwhile U.S. marines are currently on their way to the region suggesting the U.S. might attempt to cut off Iran’s capacity to export oil by taking over Kharg Island. How will China, a major consumer of Iranian oil, react to this provocation? Why is this good news for Russia? And will the inflation of oil prices reshape Donald Trump’s prospects in the upcoming midterms?