What Is Iran’s ‘Ace in the Hole’ | FT #shorts

Financial Times
Financial TimesMar 13, 2026

Why It Matters

Iran’s capacity to threaten the Strait of Hormuz could keep oil prices volatile and force a prolonged conflict, impacting global trade and energy security.

Key Takeaways

  • US and Israel aim to destroy Iran’s missile infrastructure.
  • Iran’s dispersed factories complicate total elimination of capabilities.
  • Strait of Hormuz remains Iran’s primary asymmetric leverage.
  • Oil price fluctuations will influence conflict duration significantly.
  • US claims 3,000 targets hit in first week.

Summary

The video examines the United States and Israel’s strategy to cripple Iran’s missile and drone production, questioning whether such a campaign can fully neutralize Tehran’s retaliatory capacity. It highlights the sheer scale of the offensive – the U.S. alone reported striking roughly 3,000 targets in the first week – and the challenges posed by Iran’s geographically dispersed facilities.

Analysts note that despite massive firepower, Iran’s decentralized manufacturing and hardened sites make total eradication unlikely. The discussion shifts to Iran’s “asymmetric ace in the hole”: the ability to disrupt shipping through the Strait of Hormuz, a chokepoint that can threaten global oil flows even if its air‑defense assets are degraded.

A key quote underscores the strategic focus: “Will Iran still be able to pose a significant threat to shipping in the Strait of Hormuz?” The conversation also ties oil price volatility to the conflict’s longevity, suggesting that market dynamics could dictate how long hostilities persist.

If Tehran retains the capacity to endanger Hormuz traffic, oil markets may remain unsettled, compelling policymakers to weigh military escalation against economic fallout. The scenario underscores the broader risk that partial degradation of Iran’s arsenal may not translate into strategic stability, prolonging regional tension and affecting global trade.

Original Description

In the latest episode of the Rachman Review podcast, the FT's Gideon Rachman speaks to Simon Gass, a former UK ambassador to Iran, about why the formidable destructive power of the US and Israel has failed to dislodge the Islamic regime. ⁠
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