The US has long used economic coercion to achieve foreign policy goals — the war in Iran shows how that power has declined

The Iranian closure of the Strait of Hormuz has largely brought oil traffic to a halt, hitting petroleum-exporting countries hard. Asghar Besharati / Getty Images

Two months after the United States, along with Israel, launched a war against Iran, that conflict appears far from a lasting resolution.

Much commentary on the protracted nature of the conflict has centered on the limits of both the military and diplomatic approaches to the war. But the conflict has also exposed another key reality: the limits of U.S. sanctions.