May 03, 2026

Who Is Winning the US-Iran War?

 A quick scorecard, winners and losers:

Winners

Iran - their oil revenues have increased since the outbreak of the war. According to the Wall Street Journal, they're now selling 985,000 barrels of oil per day to China via the rail corridor that runs through the Stans between Iran and China. The marshalling yards for this traffic sit within Turkmenistan, and that's where loads are taken off standard gauge and placed upon the old Soviet wide gauge track. The trains are about 50 wagons long, 66 tons each wagon, and each oil tank holds about 400-500 barrels. Iran charge China's 'teapot' refiners Brent + $1.50. This compares with volumes of about 1.38m bpd via the Strait of Hormuz before the war. Thus, Iran in revenue terms is raking in about the equivalent of 1.5m bpd levels from before the war. They knew they were going to be attacked. Leading up they were shipping a lot of  crude and simply parking it out there on the water. The US then lifted sanctions on this oil and Iran profited. They must have laughed. Iran also has rail links with Russia, Pakistan, and via the Caspian Sea and into Russia's Volga-Don canal system and ultimately the Black Sea. Iran now has complete control of the Strait of Hormuz, and it remains shut to those it considers its enemies. 

Israel - they are now the US's only remaining ally in the region. They would have noticed the rise of the UAE, Qatar, Bahrain, Kuwait and in particular, Saudi Arabia. These states have been selling their soft power, with Saudi Arabia using sports promotions like LIV Golf to sell themselves. Israel won't have been happy with this overall, and now they can sit back and watch these states distance themselves from the US.

Russia - they're happy with the high oil prices. They've shut down the pipeline from Kazakhstan to Germany, likely motivated by the incentive of lifting prices.

Losers

USA - their attack has resulted in a massive strategic defeat. They've compromised food security, and the world economy generally. American farmers will be livid as the attack on Iran came just before planting, not good timing.

Gulf States - they were mistaken in thinking the US could protect them. Dubai may come back to an extent, but people will never forget, and zero tax doesn't help one bit when a bomb may land on your bonce.

Asia (apart from China) - all Asian countries have been compromised and they'll likely move toward greater independence and away from the US.

China - they'd prefer the Strait of Hormuz to open, for conflict to end. They won't be greatly adversely affected but given their merchant outlook, they'd profit from less conflict, not more.

Oceania - they stand to go out of existence if they don't quickly get their act together. 

Africa - famine is possible, and their oil fields and refineries are only just now being built. This war came at a bad time for them.

Europe - deindustrialisation has proven to be a fool's errand. They're badly exposed with high cost structures and with few allies.

North, South and Central America (apart from the US) - they've been compromised, but countries like Canada have gained from their own oil sales to Asia. The picture is patchy, but overall a loss.

The war has benefited very few interests, and harmed most. End the war now.

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