The speaker asserted that as long as the Iranian regime remains intact, it retains the leverage to block or control shipping through the Strait of Hormuz, and can use this "trump card" in future tensions. This creates a persistent, structural overhang on global energy supply security. Even if the current war ends, the threat of disruption remains, embedding a higher risk premium and potential for volatility in energy markets. WATCH the energy minerals sector. The geopolitical risk premium is now structurally higher, but the direct impact depends on the duration and severity of future disruptions. A fundamental change in Iran's regime or its strategic posture that removes its willingness or ability to threaten the Strait.