Hormuz has shifted from deterrence to system warfare, where control of perception, risk, and flow now outweighs kinetic dominance. The U.S. is enforcing maritime order, while Iran exploits asymmetric disruption to raise systemic cost. Neither can fully control the corridor—only degrade or shape it. The result is a fragile equilibrium defined by volatility, insurance pressure, and alliance strain, where the decisive question is no longer military victory, but who sets the conditions under which global trade continues.