Article from our correspondent in Iran - The effective closure of the Strait of Hormuz following Operation Epic Fury on February 28, 2026 constitutes the most consequential disruption to the global energy order since the 1973 Arab oil embargo. This article examines the crisis through five interlocking analytical lenses: the historical parallel with the 1980s Tanker War and its divergences from the current conflict; a systematic assessment of Iran’s strategic strengths and vulnerabilities in the maritime domain; a parallel assessment of American strategic capabilities and constraints; the macroeconomic consequences of the closure for the global economy; and the geopolitical implications for the balance of power under Robert Gilpin’s framework of hegemonic stability theory. The central argument is that the Hormuz closure represents not merely a tactical military development but a structural stress test of the post-1945 liberal economic order one whose resolution will determine whether American hegemonic leadership can be restored after an unprecedented self-inflicted wound, or whether the crisis accelerates the power transition to a multipolar world that Gilpin’s theory predicts.