Two months into the U.S.-Israeli war with Iran, the conflict shows no signs of imminent resolution, with both sides convinced that time is on their side. The closure of the Strait of Hormuz has rattled global energy markets, but neither Washington nor Tehran appears ready to back down, raising the possibility of a prolonged "no war, no peace" stalemate. How long can each side endure, and what would it take to force a settlement? How does the war intersect with the ongoing conflict in Ukraine? And what lessons is China drawing as it watches another great power struggle to bring a middle power to heel?

In this episode, Paul Saunders speaks with Nikolas Gvosdev, a professor of national security affairs at the U.S. Naval War College. Dr. Gvosdev serves as the editor of Orbis and was previously editor of The National Interest.