In an extreme scenario, Norman Rule believes Iran could attack Gulf oil producers if its ability to produce and export oil is blocked by the U.S.

Norman Rule predicts that at 10 a.m. Eastern time, the United States will stop all shipping into Iranian ports.

Norman Rule of CSIS believes Iran's recent threat represents the "sharpest escalation since the ceasefire" and could mark the beginning of its unraveling.

Two U.S. destroyers recently passed through the Strait of Hormuz without encountering any mines, missiles, or other hostile activity from Iran.

Iran's Quds Force has previously supplied missiles and drones to the Houthis, which resulted in a shutdown of the Red Sea for a period of time.

Saudi Arabia and the United Arab Emirates are increasing oil and energy production through routes that bypass the Strait of Hormuz.