Steve Hanke: Iran could deal a 'knockout blow' with rope-a-dope tactic

Steve Hanke likened Iran's approach to Muhammad Ali's rope-a-dope and warned the country could deliver a "knockout blow" to the US. With control of the Strait of Hormuz, he said, Iran is capable of disrupting global energy flows and putting political pressure on its adversaries.

Oil and gas prices jumped after Iran struck the world's largest LNG export plant in Qatar following an Israeli attack on its gas fields. Brent crude and European natural gas surged to nearly four-year highs as Iran's use of mines and missiles has effectively closed the Strait of Hormuz, a route that carries about 20% of the world's oil and LNG.

Iran, Strait of Hormuz

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