👈Bloomberg: Iran believes Trump’s ability to intensify this campaign is limited due to the decrease in global oil reserves and U.S. munitions — strategic oil reserves are now at their lowest level since the 1980s after reserves were drawn down to control fuel prices

It seems unlikely that Trump will back down unless Iran eases its stance on the Strait of Hormuz, but Iran is still seeking tight control of the Strait of Hormuz and demanding transit costs. Officials expect that low-level clashes will continue for some time

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