Bob told me he wanted to make this crystal clear: we have been here before and the path is not easy. And as always, we are confronted with “the big gray area” in terms of decision-making. At least we have a leader who is willing to make the hard decisions — a rarity.
Two issues not discussed, one obviously relevant, the other maybe not so.
First the incidental issue, China. C get's much of its oil from Iran at bargain prices. Assuming we cut off t his source, C has to re-think its approach to Taiwan. C is apparently committed to invading Taiwan. If the US supports and defends Taiwan, that would involve a major expense, take time. By stopping oil from Iran C is affected, something that helps the US in this issue.
Second matter, insurance. I've read that shipping insurance is no longer available for vessels going through the Straits of Hormuz and without insurance nobody will run ships. Period. This is a major problem which will raise prices on everything that comes through the Straits and even if the "war" were to end tomorrow with the best hoped-for results, it will still take months before insurance companies will again protect the shipping. Ramifications of the war are far reaching.
From AI:
China built a strategy around buying discounted oil from sanctioned states (Iran, Venezuela, and Russia) to keep refinery costs low. 
If Iranian and Venezuelan flows are disrupted simultaneously:
• roughly 1/5 of China’s crude supply chain becomes vulnerable
• the loss mainly hits independent Chinese refineries (“teapots”) that rely on cheap sanctioned crude
• China would likely replace barrels from Russia, Saudi Arabia, Brazil, or West Africa, but at higher prices.
Bob told me he wanted to make this crystal clear: we have been here before and the path is not easy. And as always, we are confronted with “the big gray area” in terms of decision-making. At least we have a leader who is willing to make the hard decisions — a rarity.
Two issues not discussed, one obviously relevant, the other maybe not so.
First the incidental issue, China. C get's much of its oil from Iran at bargain prices. Assuming we cut off t his source, C has to re-think its approach to Taiwan. C is apparently committed to invading Taiwan. If the US supports and defends Taiwan, that would involve a major expense, take time. By stopping oil from Iran C is affected, something that helps the US in this issue.
Second matter, insurance. I've read that shipping insurance is no longer available for vessels going through the Straits of Hormuz and without insurance nobody will run ships. Period. This is a major problem which will raise prices on everything that comes through the Straits and even if the "war" were to end tomorrow with the best hoped-for results, it will still take months before insurance companies will again protect the shipping. Ramifications of the war are far reaching.
“An ounce of prevention is worth a pound of cure.”
Jim,
Thank you for your clarity in this. History does leave lessons for us.