This strategic analysis from BIPSS, authored by Alice Daversin, examines the critical inflection point of the ongoing conflict in Iran. The report breaks down the shift toward unrestricted energy warfare, the physical mining of the Strait of Hormuz, and targeted US-Israeli strikes aimed at dismantling the regime’s infrastructure. It also explores the resulting global economic shocks, disrupted Gulf oil supplies, and the unique geopolitical exemptions granted to Bangladesh.