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Globe says Exxon hears the mullahs are in control

2026-07-21 08:27 ET - In the News

See In the News (C-XOM) Exxon Mobil CDR (CAD Hedged)

The Globe and Mail reports in its Tuesday edition that Iran has resumed the war and provoked a U.S. military response. The Globe's Tony Keller writes that Iran aims to extract a larger ransom than that extracted from the U.S. in last month's memorandum of understanding, which threw Tehran a financial lifeline in return for nothing more than restoring the prewar status quo of free passage through international waters. The best weapon at Washington's disposal is probably the naval blockade of Iranian ports, which was imposed during the latter part of the first round of the war, lifted by the MOU and has now been reintroduced. A blockade will eventually impose heavy economic pain on Iran. That could bring it back to the table, and render it willing to accept a settlement that does not include it gaining control over the Strait of Hormuz. But the economic pain of a blockade could take months to weigh on Tehran. Right now, it's still counting the windfall from one month of MOU-granted oil sales. The war will end when the Iranian regime decides that it has won enough, or when in its calculation the price being paid in pursuit of its objectives is too high. For the moment, the hard men of Tehran are in the captain's chair.

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