The situation in the Gulf remains extremely fluid. While the US administration has begun to shift its language toward “we won already”, it is difficult to imagine the Iranian regime capitulating this early. A drawn-out war of attrition is to their advantage.
But step back from the daily headlines and a broader pattern is emerging. All events continue to point toward a megatrend of global fracturing, both geopolitically and geoeconomically, and what increasingly looks like a resurgence of modern mercantilism.
