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Bahrain is the only regional country playing. This is significant because Egypt has a major role in CTF 153, and command of CTF 153 has rotated between US and Egyptian admirals. If this is a test of strength between the US and Iran (and China), the fact that Egypt and Saudi Arabia have bowed out shows which way the political winds are blowing.
The Chinese have six warships stationed in the Red Sea/Persian Gulf area of operations. They are not participating, and they are not aiding commercial traffic under attack. Draw your own conclusions. //
In my view, this is just another case of the Biden national security apparatus trying to give the impression of doing something while doing nothing. The obvious reason they are doing nothing is that Biden, Sullivan, etc., don't want to offend Iran. Instead of looking after our national interests (safe and rapid transit of sea lanes) and showing confidence and leadership, the Biden White House has elected to show weakness and uncertainty. Nothing good will come from this.