Iran’s missiles and drones have torn across the Middle East, but Tehran’s most powerful weapon was never in the sky – it was in the sea. After US and Israeli surprise attacks killed Supreme Leader Ali Khamenei and several top commanders, Iran finally pulled the arrow it had held back in the June 2025 war: the power to choke the Strait of Hormuz and hold the world’s energy supply hostage. What followed was pure shock therapy for global markets. Around a fifth of the world’s seaborne oil and liquefied natural gas normally squeeze through this 30‑kilometre‑wide chokepoint. When that flow slowed to a trickle under Iranian pressure, prices spiked, tankers rerouted, and economies from Asia to Europe stared at the risk of collapse. In this episode of HT In-Depth, we explain how Iran has turned Hormuz from a shipping lane into a battlefield – and a bargaining chip. We break down the strait’s geography, the volumes of oil and gas that flow through it, which countries are most exposed, and why even a full US air and naval campaign cannot guarantee “total control” at an acceptable cost. Tune in for a deep dive.