Trump wrote the tariff playbook. Now Iran is using it on the world’s most important oil route

Iran’s supreme leader is dead. Much of its military infrastructure is destroyed. Its allies are alienated. But the war against Israel and the U.S. has given Tehran something it might not have otherwise appreciated: the unprecedented leverage it holds over the Strait of Hormuz. Now, Iran is trying to milk it.

The Islamic Revolutionary Guard Corps (IRGC), the hardline military force that has consolidated power within what remains of the Iranian regime following Khamenei’s death, has communicated...