Iran's Trump card: The risk premium hasn't gone. It just changed shape

A recent attack on a commercial vessel near the Strait of Hormuz signals a shift from fears of outright war to prolonged uncertainty. Iran's response suggests a move from threatening a complete blockade to asserting control and demanding recognition for its role in regulating shipping. This highlights a new risk premium in energy markets, focusing on potential disruptions and political conditions for passage rather than outright conflict.