President Trump famously threatened Iran with enough immediate destruction to send them back to the "stone age" if they didn't kowtow. Iran called his bluff and he backed down at the last minute. Based on recent reports, a substantial portion of the US's munitions, both offensive (bombs, Tomahawks, etc.) and defensive (Patriots, THAD's, etc.) have been used up during the various recent attacks on Iran as well as being sent against Gaza, Lebanon and Iran after being transferred to Israel. Much of this ordinance was transferred from other parts of the world to the Mideast theatre. This has raised some concern that there is not enough left to have superiority in a major conflict with a "peer" country. If the US had actually carried out the US President's threats, it would have potentially crippled portion of the US military during a war over the next few years.

So, the US can capture Iranian tankers on the seven seas and Iran can capture commercial traffic attempting to break their closure of the Strait of Hormuz, but it boils down to whether Iran or thee US's allies can hold their financial breaths longer. In the meantime, while the US is self-sufficient in most petroleum products, their domestic prices will rise increasing inflation. The UAE and nearby countries are now asking the US Treasury (US Taxpayers) to backstop their finances.

While Iran may not hold the cards it once did, neither does the US.

Jeff