Could take months for U.S. blockade of Iran's ports to work, says Evercore's Altman

Summary

Roger Altman discusses the Iran war and the U.S. blockade of the Strait of Hormuz, highlighting Iran's tenacity and the prolonged timeline for the blockade to work. He notes the mild market reaction suggests expectations that fighting is over, but risks of escalation remain. The conversation focuses on geopolitical analysis without specific investment recommendations.

• Iran has demonstrated tenacity despite military pressure and leadership decapitation.
• U.S. blockade of the Strait of Hormuz is in effect but may require months to achieve goals.
• Blockade carries risks such as potential Iranian attacks on naval vessels or neighbors.
• Market reaction has been mild, reflecting an expectation that conflict has ended.
• Patience is needed for the blockade to pressure Iran via oil revenue deprivation.
• Involving other nations, especially China, could enhance pressure on Iran.
• Analysis centers on geopolitical dynamics rather than market or investment theses.