In the first chapter of his 1874 novel The Gilded Age, Mark Twain offered a telling observation about the connection between past and present: “History never repeats itself, but the… present often seems to be constructed out of the broken fragments of antique legends.”

Among the “antique legends” most helpful in understanding the likely outcome of the current US intervention in Iran is the Suez Crisis of 1956, which I describe in my new book Cold War on Five Continents. After Egyptian leader Gamal Abdel Nasser nationalized the Suez Canal in July 1956, a joint British-French armada of six aircraft carriers destroyed Egypt’s air force, while Israeli troops smashed Egyptian tanks in the sands of the Sinai Peninsula. Within less than a week of war, Nasser had lost his strategic forces and Egypt seemed helpless before the overwhelming might of that massive imperial juggernaut.

But by the time Anglo-French forces came storming ashore at the north end of the Suez Canal, Nasser had executed a geopolitical masterstroke by sinking dozens of rusting ships filled with rocks at the canal’s northern entrance. In doing so, he automatically cut off Europe’s lifeline to its oil fields in the Persian Gulf. By the time British forces retreated in defeat from Suez, Britain had been sanctioned at the United Nations, its currency was at the brink of collapse, its aura of imperial power had evaporated, and its global empire was heading for extinction.

Historians now refer to the phenomenon of a dying empire launching a desperate military intervention to recover its fading imperial glory as “micro-militarism.” And coming in the wake of imperial Washington’s receding influence over the broad Eurasian land mass, the recent US military assault on Iran is starting to look like an American version of just such micro-militarism.

Washington’s fading influence across Eurasia will undoubtedly prove catalytic for the emergence of a new world order, which is likely to move far beyond the old order of US global hegemony.

Even if history never truly repeats itself, right now it seems all too appropriate to wonder whether the current US intervention in Iran might indeed be America’s version of the Suez Crisis. And should Washington’s attempt at regime change in Tehran somehow “succeed,” don’t for a second think that the result will be a successfully stable new government that will be able to serve its people well.

70 Years of Regime Change

Let’s return to the historical record to uncover the likely consequences of regime change in Iran. Over the past 70 years, Washington has made repeated attempts at regime change across the span of five continents—initially via CIA covert action during the 44 years of the Cold War and, in the decades since the end of that global conflict, through conventional military operations. Although the methods have changed, the results—plunging the affected societies into decades of searing social conflict and incessant political instability—have been sadly similar. This pattern can be seen in a few of the CIA’s most famous covert interventions during the Cold War.

In 1953, Iran’s new parliament decided to nationalize the British imperial oil concession there to fund social services for its emerging democracy. In response, a joint CIA-MI6 coup ousted the reformist prime minister and installed the son of the long-deposed former Shah in power. Unfortunately for the Iranian people, he proved to be a strikingly inept leader who transformed his country’s oil wealth into mass poverty—thereby precipitating Iran’s 1979 Islamic revolution.

By 1954, Guatemala was implementing an historic land reform program that was investing its mostly Mayan Indigenous population with the requisites for full citizenship. Unfortunately, a CIA-sponsored invasion installed a brutal military dictatorship, plunging the country into 30 years of civil war that left 200,000 people dead in a population of only 5 million.

External intervention, whether covert or open, seems to invariably be the equivalent of hitting an antique pocket watch with a hammer and then trying to squeeze all its gears and springs back into place.

Similarly, in 1960, the Congo had emerged from a century of brutal Belgian colonial rule by electing a charismatic leader, Patrice Lumumba. But the CIA soon ousted him from power, replacing him with Joseph Mobutu, a military dictator whose 30 years of kleptocracy precipitated violence that led to the deaths of more than 5 million people in the Second Congo War (1998-2003) and continues to take a toll to this day.

In more recent decades, there have been similarly dismal outcomes from Washington’s attempts at regime change via conventional military operations. After the September 2001 terrorist attacks, US forces toppled the Taliban regime in Afghanistan. Over the next 20 years, Washington spent $2.3 trillion—and no, that “trillion” is not a misprint!—in a failed nation-building effort that was swept away when the resurgent Taliban captured the capital, Kabul, in August 2021, plunging the country into a mix of harsh patriarchy and mass privation.

In 2003, Washington invaded Iraq in search of nonexistent nuclear weapons and sank into the quagmire of a 15-year war that led to the slaughter of a million people and left behind an autocratic government that became little more than an Iranian client state. And in 2011, the US led a NATO air campaign that toppled Colonel Muammar Gaddafi’s radical regime in Libya, precipitating seven years of civil war and ultimately leaving that country divided between two antagonistic failed states.

When Washington’s attempts at regime change fail, as they did in Cuba in 1961 and in Venezuela last year, that failure often leaves autocratic regimes even more entrenched, with their control over the country’s secret police strengthened and an ever-tighter death grip on the country’s economy.

Why, you might wonder, do such US interventions invariably seem to produce such dismal results? For societies struggling to achieve a fragile social stability amid volatile political change, external intervention, whether covert or open, seems to invariably be the equivalent of hitting an antique pocket watch with a hammer and then trying to squeeze all its gears and springs back into place.

The Iran War’s Geopolitical Consequences

By exploring the geopolitical implications of Washington’s latest intervention in Iran, it’s possible to imagine how President Donald Trump’s war of choice might well become Washington’s very own version of the Suez crisis.

Just as Egypt snatched a diplomatic victory from the jaws of military defeat in 1956 by shutting the Suez Canal, so Iran has now closed off the Middle East’s other critical choke point by firing its Shahed drones at five freighters in the Straits of Hormuz (through which 20% of global crude oil and natural gas regularly passes) and at petroleum refineries on the southern shore of the Persian Gulf. Iran’s drone strikes have blocked more than 90% of tanker departures from the Persian Gulf and shut down the massive Qatari refineries that produce 20% of the world supply of liquafied natural gas, sending natural gas prices soaring by 50% in much of the world and by 91% in Asia—with the price of gasoline in the US heading for $4 a gallon and the cost of oil likely to reach a staggering $150 per barrel in the near future. Moreover, through the conversion of natural gas to fertilizer, the Persian Gulf is the source for nearly half the world’s agricultural nutrients, with prices soaring by 37% for urea fertilizer in markets like Egypt and threatening both spring planting in the Northern Hemisphere and food security in the Global South.

The extraordinary concentration of petroleum production, international shipping, and capital investment in the Persian Gulf makes the Straits of Hormuz not only a choke point for the flow of oil and natural gas but also for the movement of capital for the entire global economy. To begin with the basics, the Persian Gulf holds about 50% of the world’s proven oil reserves, estimated at 859 billion barrels or, at current prices, about $86 trillion.

Time is not on Washington’s side if this war drags on for more than a few weeks.

To give you an idea of the scale of capital concentration in the region’s infrastructure, the national oil companies of the Gulf Cooperation Council invested $125 billion in their production facilities in 2025 alone, with plans to continue at that rate for the foreseeable future. To keep the global oil tanker fleet of 7,500 vessels that largely serves the Persian Gulf afloat, it costs nearly $100 million for a single large “Suezmax” tanker—of which there are about 900 normally........

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