#foreignaffairs# “Sanctions relief is not important for us anymore because we know it won’t come, and even if it comes it won’t be long-lasting,” one Iranian analyst told us. “We’re not making the same mistakes as before. Now managing Hormuz is the key.” This represents a fundamental reorientation of Iran’s economic strategy—away from pursuing reintegration into the Western-led financial system, which the new generation considers unattainable, and toward leveraging Iran’s command of critical geography.