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The ‘End’ of the Iran War, Strait of Hormuz Control, and the Yen Crisis with Mario Nawfal

Chris joins Mario Nawfal to discuss the “end” of the Iran war, Iran’s growing control of the Strait of Hormuz, collapsing oil flows, and the deepening yen crisis.

The User's Profile Chris Martenson August 8, 2026
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This week, I was interviewed by Mario Nawfal, where we discussed the apparent “end” of the Iran conflict after Trump’s latest threats proved to be a bluff, the severe depletion of U.S. long-range precision missiles, and the dangerous collapse in oil inventories and tanker traffic through the Strait of Hormuz. We examined how Iran now holds the leverage, the unfavorable terms of a potential deal that would effectively hand Tehran control over the strait, the risks of Israeli hardliners pushing for regime change, and the parallel efforts by Saudi Arabia to contain Houthi attacks that threaten global energy flows. The conversation then turned to the broader economic fallout, including how the war has intensified Japan’s yen crisis and the unraveling of the decades-old carry trade, forcing U.S. intervention through swap lines while raising fundamental questions about the petrodollar system and America’s ability to project power.

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