Iran’s Islamic Revolutionary Guard Corps says it is preparing a “historic deterrence operation” amid the sharp escalation with the United States and Israel.

The threat appears intended to establish a new equation in which every strike on Iran or its terrorist proxies triggers a broader response carrying heavy military, political and economic costs. Tehran may believe that its traditional missile and drone deterrence has been weakened by repeated Israeli and American attacks.

One possible target of the threat is the Strait of Hormuz. Iran has repeatedly portrayed control of the strategic waterway as leverage over the West, raising the possibility of disrupting oil and gas shipments and inflicting damage on the global economy.