"The growing confrontation in the Gulf between the US and its Saudi-led allies on one side and Iran and its proxies on the other is now focused on the spate of recent mine attacks on oil tankers, which have been blamed by the US on . This is a standoff that has been coming. It is incontestable that Iran has been guilty of destabilising overreach in the Middle East in recent years, as it has moved to build a crescent of Shia influence from Damascus to Baghdad and Lebanon to Yemen. But Iran’s actions can hardly be said to have occurred in a vacuum. [...] In tandem with the US moves, Saudi Arabia – one of the countries seen as pushing US policy – has increased its oil production to sell to former buyers of Iranian oil, while at the same time vocally supporting moves to strangle . It is not hard, then, to see how these moves might be viewed in Tehran: as part of an escalating offensive from multiple sources threatening its own home front in a campaign of designed to weaken the regime. The , John Bolton, has been an advocate of regime change in Iran in the past. [...] All of which suggests that far from being the work of an irrational actor on the world stage, the recent attacks on the oil tankers are entirely explicable: a calculated demonstration of the vulnerability of the flow of oil to the world’s biggest economies, including to the EU, India and China. So should the attacks be interpreted as a sign of Iran’s desperation, or as evidence that Tehran has internalised the idea that it is dealing with a weak US administration with little international support for its policies in the Gulf, and is gaming its response accordingly? If the answer is the latter, then that is a judgment which has been encouraged by the wildly inconsistent messaging from Trump himself. The US president has appeared to threaten conflict and then just as quickly rule it out. The tanker attacks – if proved to be the work of Iran – are serious. But they would not represent the most potent move available to Tehran in this standoff. That remains the prospect of the country restarting uranium enrichment beyond the limits agreed in the JCPOA, a move it has already threatened, and which would inevitably trigger an in which the US would be only one actor and Europe would inevitably become embroiled. Clues as to where the crisis goes from here might be found in asking who has most to lose. For Iran’s leadership, for which the survival of the clerical regime is an existential priority that looms above all others, capitulation on US-Saudi terms would not appear to be an option. The depth of the US stake in this increasingly dangerous game is far harder to judge, given the usual confusion of Trump’s flip-flopping and the machinations of Bolton, who may be freelancing his own agenda. All of which leaves us to contemplate the most frightening element of all in a complex crisis: that the current occupant of the White House lacks any of the skills required to successfully defuse it."