Episode 143 – Enduring the Pain - Strategy, Leverage, and the Cost of Waiting in the U.S.-Iran Conflict

In this episode of Current Account, Clay is joined by Mona Yacoubian, Director of the Middle East Program at CSIS, to unpack what the current phase of negotiations to deescalate the conflict in Iran is really telling us. They discuss how Iran is viewing its leverage, why energy disruption remains central to Tehran’s strategy, and how regional dynamics, particularly involving Lebanon and regional proxy networks, are complicating efforts to contain the conflict.

The conversation looks beyond formal negotiations to the roles being played by Hezbollah and other aligned groups, and what their involvement means for escalation risks across the region. Clay and Mona also examine shifting signals from Gulf states, internal debates within Iran’s leadership, and how Washington’s strategy has evolved from direct military action toward blockades and diplomacy.

This IIF Podcast was hosted by Clay Lowery, Executive Vice President, Research and Policy, with production and research contributions from Christian Klein, Digital Graphics and Production Associate and Miranda Silverman, Senior Program Assistant.