New Year's Day saw rhetorical fireworks fly over the straits of Hormuz. A large Iranian military exercise in the Gulf coincided with threats to close the waterway if sanctions are imposed on Iran's oil sector. More than 15 million barrels of crude transit the twenty-one-mile-wide choke point daily, constituting about 35 percent of the worldwide tanker oil shipments. Iran's defiance has been increasing in proportion to the number and severity of the sanctions imposed. So why aren't the sanctions working?
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