The conflict between the United States and Iran is not just another episode in the long history of tensions in the Middle East. It is a test of endurance for the entire power system established after World War II. And for the first time in decades, the question is posed bluntly: Is Washington approaching a historic turning point similar to that once experienced by the old European empires? The comparison is not accidental.
In 1956, during the Suez Crisis, Great Britain and France attempted to militarily impose control over the Suez Canal. On the battlefield, they won. On the geopolitical chessboard, however, they were defeated. Under pressure from the Soviet Union and – ironically – the US itself, they were forced to withdraw. Egypt maintained the canal and the world entered a new era, where old colonial powers ceased to define the rules.
The moment global power is judged
American hegemony was built precisely upon this power vacuum. It was not based solely on military superiority, but on a much more effective tool: the economic system. Under Henry Kissinger, the US shaped the logic of the petrodollar.Gulf countries sold oil in dollars, invested the proceeds in the US and, in return, received security guarantees. Thus, a self-fueling power machine was created: energy, currency, and geopolitical influence in full alignment. For decades, this system functioned almost flawlessly. Until Iran emerged as a player who refused to play by the same rules. The war that followed did not unfold as planned in Washington. There was no clear victory, the image of absolute military superiority was not restored and – most importantly – the role of the US as a guarantor of stability was not maintained. Instead, the conflict highlighted the limits of American power in a region that was considered until recently to be absolutely controlled.
The crisis reminiscent of 1956 that threatens to change the world
The real turning point, however, is not found only on the battlefield. It is located in the Strait of Hormuz. This is one of the planet's most important energy arteries, through which a huge portion of global oil passes. And today, Iran appears to be gaining a degree of control that was previously unthinkable.
If this control becomes permanent, then the conflict ceases to be regional and transforms into a global upheaval. Because Hormuz is not just a passage – it is the lever that can affect energy prices, the flow of trade and, ultimately, the international financial system itself. This is exactly where the greatest fracture begins to appear. The petrodollar is based on the control of energy and trust in American power.
If the former is shaken, the latter begins to be questioned. And in this vacuum, other powers are already moving. Russia and China are actively promoting alternative transaction models, seeking a world where the dollar will not be the sole axis. The idea of dedollarization, which once seemed theoretical, is beginning to gain a real basis. And if combined with the control of critical energy corridors, then it could constitute the greatest challenge to American dominance since the end of the Cold War. History, of course, does not repeat itself mechanically. But it often moves in patterns. Suez did not destroy Britain and France overnight... it simply revealed that their era had already ended. The question today is whether Hormuz will play the same role for the United States. Nothing has been finally decided. Washington maintains vast military, economic, and political power. It can escalate, regroup, or seek new balances. But for the first time in decades, it is not certain that it fully controls the game. And this in itself is a historic change.
www.bankingnews.gr
Readers’ Comments