The current no war no peace paradigm is becoming increasingly unstable. The past two weeks have seen kinetic exchanges between the U.S. and Iran, and now Iran and Israel every two to three days. Iran has shown that it will attack Israel to defend Hezbollah, attack U.S. bases in the Gulf in response to U.S. attacks on its territory, and attack vessels navigating the Strait of Hormuz that do not use its "toll booth" system or in response to U.S. blockade enforcement activities.









